SP 500 - Bear balls on fire

Last 8 weeks  SP500 rose slowly and steadily. Currently I don't expect 

deeper retrace before hitting the 1235 new high. Yes higher prices. It is also 161.8% Fibonacci of i or A wave.

Since 1007 low the market has risen 5 weeks as initial impulse, then 3 weeks corrected. After the 1038 support we have 8 up- all Fibonacci numbers. 5+3+8=16. Next number in the sequence is 21. So if we can reckon on that count need at lest 5 more weeks to extend, which makes the week  11/22 -11/28/2010.

Good luck!

AEX- Elliott wave update

AEX is one of my favourite European Indexes. Since May the price chose the wide range lateral track. Technicaly the price is still in that lateral track channel, where  bulls and bears are still regrouping. Whose group is going to take advanse; we"ll make us clear later this year. According to the current Elliott count we must be in the game already, because the iii of a (3) or (c) is in progress. And bigger pattern "flat" has already finished, marking (c) wave(305.17) as main low. The projection of the next leg up is at least to 61.8% Fibo of " i " wave- around 350.

My favourite charting tool shows the same target as well.

Good luck!

GOLD Elliott Wave Update

Since the last update on Gold I relabeled the waves, but the direction stays the same. Currently there's nothing that points change of the main trend. Friday was the 47 th day of the beginning of the 3th wave, so we can expect at least eight more days rally, and will not see any dramatic trend change. Even in case of a very sharp correction on daily basis we will be able to go long again and buy the dip.