SP 500 and Gold still have a good bit of downside to come?

- July 14th, 2010

Kitco.com reported on SP 500 and Gold still have a good bit of downside to come?

Kitco.com reported on SP 500 and Gold still have a good bit of downside to come?

So far the market hit the 1010 area on the SP 500 and has bounced exactly to 1071, the 50% retracement of the most recent downleg from 1130-1110. This market has been acting in clear Elliott Wave patterns since my Mid-April prediction of a 5 wave 13 month top being in place. My theory was we would then correct in a Zig Zag fashion over about 3-5 months to as low as 920-970 on the SP 500 from 1220. Right now the market could climb a few percent higher, but is likely to rollover and break the 1010 lows, and drop to the 940 area before the completion of this Bull market correction comes to an end.

Click here to access the entire Editorial

Get the latest Gold Investing stock information

Leave a Reply