The market continued to climb higher today basically invalidating the count presented earlier this week. A far more likely count is one in which wave B of (Z) of [2] is underway where B is an unfolding flat, triangle, or double. Right now it appears that wave (c) of [b] of B is underway where [b] is an unfolding zigzag. Above is a 5 minute bar chart, below is a daily bar chart.
A more detailed 1 minute bar chart is shown above. Impulsive waves can be seen moving higher. The market looks poised to move to another high on Friday although it should be brief as [c] of B is ahead. I favor a triangle B wave to unfold as all of the corrections of this degree have been flats thus far.
Given that all the elements of a market top are in place, this latest development has been frustrating. Now the end of the year seems to be a good target date for the completion of [2]. Hopefully waves are clear unlike those seen the past two months.
On a side note gold continues to rally and should continue to do so for some time before a dramatic reversal. But silver has not broken through its 2008 or 1980 highs. This, the larger wave patterns, and the very high bullish percentages are not bullish indicators for these metals. Robert Prechter recently made a few comments about the metals: http://www.cnbc.com/id/34113591. For now, gold should have a few more pullbacks and rallies before a top is in place.
I would like to wish everyone a happy Thanksgiving. The next post will be on Sunday.
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