It has been a while and it is about time to do something other than just gold!!!
All 4 major US indices are set to top over the next two weeks running into long term cyclical resistance, before heading off to new low onto late Q3 early Q4 if they fail to break out to new highs, so this years looks like no Santa rally!
The Dow failed to break last years low by just over 0.5%. It looks like a failed 5th as all other indices made new lows, and that is a good indication that we can expect all indices to make new lows, with the DOW and S&P dropping around 17%, and the Composite and Russel about 30%. Add to that a 80% probability of a 5 wave correction.
If we look at the DOW in detail we can see that Prices turned on the golden MLU. and have broken the lower parallel which is a warning of weakness. A break of the MLL is our next warning, so the next 2 weeks are critical if this uptrend is to continue.
The remaining indices may make marginal new highs over the next 2 weeks, so looks like DOW will lead the pack down.
The Composite is interesting in that it has just broken its ATH in 2000. This may be very significant as after this consolidation it too will go to new ATH's, but in the long term this is only wave 3, whereas in the other indices we are in wave 5, which suggests after the coming collapse of our corrupt political systems in the West the US is looking to retain the high tech leadership of the world.