{"id":520,"date":"2011-01-19T12:32:15","date_gmt":"2011-01-19T16:32:15","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=520"},"modified":"2018-06-10T10:58:18","modified_gmt":"2018-06-10T10:58:18","slug":"the-gold-wave-patterns-remain-bearish-and-sp-500-near-the-top","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/the-gold-wave-patterns-remain-bearish-and-sp-500-near-the-top\/","title":{"rendered":"The Gold Wave Patterns remain Bearish and SP 500 near the top"},"content":{"rendered":"<p>David A. Banister- <a href=\"http:\/\/www.markettrendforecast.com\/\">www.markettrendforecast.com<\/a>\u00a0 Jan 16 2011\u00a0<br \/>\nMy most recent forecasts for the SP 500 and Gold have been calling for interim peaks in both around Mid- January.\u00a0 Gold, I told my subscribers a few weeks ago, was definitely topping and likely to drop now to $1270-$1280 per ounce before resuming the Bull Market advance. The SP 500 I have forecasted a 1285-1315 topping area since the 1175 pivot lows on that index, and we are very close as well in that regard.<br \/>\nGold has been in a 9 plus year bull market since 2001 and has another 3 years plus left on this Bull run.\u00a0 However, pauses must occur along the way and this should be a 4<sup>th<\/sup> wave corrective Elliott pattern if my views are right.\u00a0 This is taking the form of a 3-3-5 correction from the $1430 top.\u00a0 We are in the final 5 waves down now, and it\u2019s about to get ugly near term so strap on your seatbelts. My chart forecast is below and if I\u2019m right, there will be excellent opportunities to pick up some good Juniors and also the precious metals themselves around that $1270-$1280 area. Following this correction, we could have a run to about $1515 per ounce, and I expect this entire pattern to take 6 monthsl months to a year to play out from the $1430 top to the $1270 ish bottoms, and back to $1515.<br \/>\n<a href=\"http:\/\/www.silver-investor.com\/blog\/wp-content\/uploads\/2011\/01\/ATP11.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-521\" title=\"ATP1\" src=\"http:\/\/www.silver-investor.com\/blog\/wp-content\/uploads\/2011\/01\/ATP11.jpg\" alt=\"\" width=\"589\" height=\"410\" \/><\/a>\u00a0<br \/>\nThe SP 500 is completing the final 5<sup>th<\/sup> wave movement from the 1010 Jul 1<sup>st<\/sup> lows this past summer. This is only the first full wave pattern movement of a big 5 wave leg up from July 1<sup>st<\/sup>.\u00a0 What this means in English is we have a near term top likely in the 1285-1315 areas, followed by a wave 2 correction to around the 1175-1180 areas. Sentiment right now is running at major extremes last seen at interim peaks in January of 2010 and April of 2010 where I had also forecasted tops within days of the peaks. I am looking for the SP 500 to end up around 1600 on the index after this coming wave 2 correction, but I like to take it one pivot and step at a time.\u00a0 Below is my forecast chartwise:<br \/>\n<a href=\"http:\/\/www.silver-investor.com\/blog\/wp-content\/uploads\/2011\/01\/ATP21.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-522\" title=\"ATP2\" src=\"http:\/\/www.silver-investor.com\/blog\/wp-content\/uploads\/2011\/01\/ATP21.jpg\" alt=\"\" width=\"587\" height=\"454\" \/><\/a>\u00a0<br \/>\nIf you would like to benefit from learning more about Elliott Wave based forecasting using my methods, which have been historically accurate, please check us out at <a href=\"http:\/\/www.marketrendforecast.com\/\">www.marketrendforecast.com<\/a>\u00a0 There is a coupon available if you\u2019d like to subscribe or you can sign up for\u00a0 free occasional reports.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>David A. Banister- www.markettrendforecast.com\u00a0 Jan 16 2011\u00a0 My most recent forecasts for the SP 500 and Gold have been calling for interim peaks in both around Mid- January.\u00a0 Gold, I told my subscribers a few weeks ago, was definitely topping and likely to drop now to $1270-$1280 per ounce before resuming the Bull Market advance.<span class=\"read-more\"><a href=\"https:\/\/www.themorganreport.com\/blog\/the-gold-wave-patterns-remain-bearish-and-sp-500-near-the-top\/\" title=\"Read More\">More<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Gold Wave Patterns remain Bearish and SP 500 near the top<\/title>\n<meta name=\"description\" content=\"The Gold Wave Patterns remain 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