Thanks for clarifying – sounds great!

Thanks for your work.

By the way the Pi Cycle turn date, with a minor cycle 2.15 yrs long, is today.

This model, developed in 1999 nailed model the following dates as major turning points: September 2000 (S&P and DOW market top), November 2002 (S&P and DOW market bottom) and, most recently, February 27th, 2007 (the credit bubble popped). We are now exactly 2.15 yrs later, and about to likely take another turn.

Hmmm ….

D’oh
http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&yr=1&mn=0&dy=0&id=p61893755731

They’ve been having a tough time as we all seem to be having for the last several weeks.
The ending diag has now become their top count. To which they say:

“A solid close under the lower trendline of the ending diagonal structure will signal that it’s over. On Monday, this line crosses 848 in the S&P and 7960 in the DJIA. Because an ending diagonal is a relatively rare pattern, we give it very little leeway to “work out.” In other words, the market should reverse in a sharp manner fairly soon, likely starting sometime on Monday, or something else is probably transpiring. Once the “signal” is provided that the market has reversed lower, the main stock indexes should swiftly retrace to the origin of the pattern, which in this case is 780 in the S&P and 7438 in the Dow.”

HOWEVER, as is always the case with EWI, they give the next best alternate view. Which, in this case, is for continued upside.

“A rally above 885 in the S&P and 8233 in the DJIA, the two levels that would eliminate the ending diagonal
interpretation, would raise the odds for this particular wave interpretation. If this happens, market optimism
should blossom, with major pronouncements that a new bull market is underway. We said to expect some
“zaniness” in the most recent issue of EWFF and a third-wave rally should start to deliver. The CBOE
Volatility Index (VIX) continues to sharply decline, which is consistent with this particular view.

So, next week’s market action could turn out to be quite volatile, either way. Stay tuned… ”

I recommend the EWI subscription for anyone interested in EWT with the caveat that trying to dial in to short term moves still requires a great deal of market smarts. The EWI Short Term Update can be frustrating if one is looking for specific trades. However, it is a valuable resource for seeing how to apply EWT analysis on an on-going basis.

Real quick – remember that “GOLD” in StockCharts is Rangold Resources (a company with a clever ticker symbol).

What you’re wanting is $GOLD with the index dollar sign.

Which is it?! Ending diagonal or continued upside? I don’t read the EW work but it sounds like they’re just as puzzled as everyone else.

Thanks for sharing the gold chart – very interesting glimpse there.