Wave 5 should end sometimes. Equity Put/Call Relative to its 20-Day Mov.Avg. now @ 1.11. June 2011's Equity Put/Call R20 high = 1.12. Feb 2011's high = 1.11. May 2010's high = 1.20.
Why we under estimate Gold rise . Because Gold override every measured moves :eek: . and wave five keeps extending again and again . Gold next target may be $1850 .
The last UP wave may be Wave V]IV)C3]3)5.5 or Wave V]IV)C3]4) . Next Wave V]IV)C3]3)5 or V]IV)C3]5) can go DOWN to $70-$71. Wave V]IV)C3]3)4 should take a few days, while Wave V]IV)C3]4) should take about a month.
This multitude of threes should be a corrective wave . Wave V]IV)Cc]4) which may end near $88 is more likely now .
SPX's Wave V]IV)C3]1) might have ended . Wave V]IV)C3]2) may retrace 38.2% of Wave V]IV)C3]1) and end near 1195. If Wave V]IV)C3]2)c = Wave V]IV)C3]2)a, Wave V]IV)C3]2) may end near 1190
Dow's Wave V]IV)C3]1) might have ended . Wave V]IV)C3]2)c retreated from resistances at V]IV)C2]a) high and measured move might have ended too. If not this wave may end at 38.2% retracement . Note: Complete wave count, but wave can extend :eek: .
The Crude Oil's Bull Cult is dead (for now) . WaveV]IV)Cc]3) might have ended near Head and Shoulders target, 61.8% retracement of Wave V]IV)A and 50% retracement of Wave V]IV)B . Wave V]IV)Cc]4) may end near end of Wave V]IV)Cc]3)4 @ $88.32
Dead Cross in charts of SPX, NASDAQ and Crude Oil. Near dead in INDU's and TRAN's. Rebounds showed a-b-c with c nearly equal to a. RSI show BUY Signal as expected , the third RSI BUY Signal may be a true signal.
Crude Oil may fall after Long Leg Doji and measured move. $USD on balance @ MA(50) can go UP and/or DOWN. Margin increase may prevent further wave five extension in Gold as in Silver :eek: . Gold Hits Record Highs But Fragile After CME Margin Increase Written on August 13, 2011 by forex-fx-4x in Commodities And Indices http://www.forex-fx-4x.com/gold-hits-record-highs-but-fragile-after-cme-margin-increase/ Silver Has Biggest Two-Day Drop Since 2008 on Margin Increase; Gold Falls By Pham-Duy Nguyen and Nicholas Larkin - May 4, 2011 1:54 AM GMT+0700 http://www.bloomberg.com/news/2011-...since-2008-on-margin-increase-gold-falls.html