S&P
There is not much new to discuss. On Tuesday the market did not follow through upon Monday's New Years euphoria. However the price action on 1/5/2010 started with a negative tone, reversed and closed up with a new recovery high. While I would love to hang my hat upon diverging technicals, the fact is that price is still king and markets can extend upon anemic technicals. Prior to the April peak, the market had defied pundits since 1/10. Given this information and new recovery high the next targets is where w.5 =w.1 at 1291.75. There just isn't any evidence that the market is ready to give up and succumb to the Bears.
Gold
On Tuesday I posted a flash alert that looked for a top in Gold. While I nailed that call the decline was in five waves. In fact it is impulsive in nature. Also the decline from 1424.7 exceeded the origin of w.i circle of 1372.4 thus negating the present wave interpretation and demands the use of an alternative wave count.
As soon as I can identify the structure I will make discuss.
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