Hi. This is Terry Laundry. Welcome to my first post to the T Theory Forum. I will be posting my daily chart twice weekly after the Wednesday and Friday closing data becomes available.
For today’s post we see my Daily Chart brought up to Wednesday’s very violent close. In the upper right-hand portion of the chart the green S&P bars show a bounce off of the mid-channel (S&P 1324). Yesterday, it looked possible to actually continue higher because the volume oscillator had a big spike up on Tuesday. Yet the market collapsed on Wednesday.
My interpretation is that we are very likely seeing the beginnings of the decline off the A-D Mega-T#3′s projected April 27 peak and during June we will see the market headed down to the July 1 low at cycle low #9. I think it could be a rough ride to perhaps S&P 1200 by August/September.
In other matters I would be bullish on gold here because the evidence today is that ugly-looking equity markets drive investments towards gold and I we still have upside time at least into the mid-June time period. For gold movements within the daily bands we should get to the upper shaded bound in my Public Gold Chart, and if panic sets in, then perhaps all the way to the more distant dotted line outer envelope. Under favorable conditions gold could reach the 1600 level.
Treasury Bonds are doing extremely well on the capital appreciation front and can make substantial progress going into the Fall.
