Matt, wouldn't to buy on a pullback to a higher lower be better? Thanks for the idea, I'll keep watching this stock. Its fundamentals are terrific.

This GET chart makes a lot more sense in terms of the wave count. What's the target that it gives for GDX for wave 5 on the 15-minute charts? Thanks for the update, p.!

I was referring to the close connection between the euro and $SPX that you pointed at during numerous times. Probably done through hedges, like those between the $USD and gold (when one moves, so does the other). We saw a move down in FXE without a corresponding move down in $SPX. My inference is that someone was buying $SPX to prevent its from breaking down. My logic is that this cannot be done for too long, and when FXE moves down enough, the $SPX will follow.

I see no fundamental reason for $SPX to go up at this time to make a new high. If it does, I am not seeing the full picture then. For what it is worth.

Steve, does that mean that  the market top is in before a correction ensues (a correction coincidental with the movement of the euro on the charts you posted)?

Peridot, That the area to the right marked by two purple horizontal lines, isn't it? What's the 74PTI on the chart? If my interpretation is correct, I can see what you are pointing at.

There are two time targets at play: intermediate (to be conferred with Steve's FXE chart) and long-term (Roger's). I believe your GET system is including both in the that range. Can you run the system on a shorter time frame (30 minutes or 60 minutes) to see if it will produce different results? Thanks for the information!

Peridot, please keep us updated on your dzz trade and your GET charts. I find them truly amazing for a mechanical system to produce! Thanks :-)

http://www.kitco.com/ind/Wiegand/dec112009.html

He predicts for gold:"Worst case correction in our view is gold to $1007. Support is now $1107-$1115 with next lower at $1092.50, $1085 and a $1065-most probable low."

For silver: "Worst case silver to $16.00 support with other higher supports at $17.15, $17.00, $16.85, and $16.48 most probable new low before the next rally, We Forecast Gold & Silver Index To 156.32 On The 41 Day Moving Average. Worst case XAU support expected is 140. Support-resistance 150 most probable."

Extrapolating from what he said, for GDX MA(200)=40.91 is the most probable target. FWIW.

I am getting 46 as the measured target for the pullback for GDX in wave 5. Too much? that would put gold in the middle of 1000-1100 range, I reckon.

Thanks to both of you, Peridot and Matt, for the update!

Matt, under the bullish count, is GDX still in wave 4 or wave 5 is completed for it? I am looking for an entrance point into a GDX swing.

Thanks for your updates, Matt!

It's possible. From the point of game playing, it does not matter. Stick to your senses and follow them, don't rationalize every move. The reason is always after the fact. Good luck!

Matt or Steve, Could today's drop be part of wave B down with waveC up to follow? Or we are definitely past completion of wave C? In simple words, is the short-term trend down now instead of up? Today's volume is down 93%,declining issues 84%.

Advancing Sectors: (None)
Declining Sectors: Materials (-2.8%), Energy (-2.6%), Industrials (-2.2%), Financials (-2.1%), Tech (-1.9%), Consumer Discretionary (-1.8%), Utilities (-1.7%), Consumer Staples (-1.4%), Health Care (-1.3%), Telecom (-1.1%)

Thank you, Matt, for your sense of duty and care of us, members of the site. Happy belated holidays!

End of the day or non-end of the day? I don't have the possibility to check them now at work, could anyone clarify please?

$USD is at 74.45 right now, down .065. I hope to see a break-out to the upside now to test 1017 area

Steve, From you update tonight I infer that you favor a break to the downside. Is a likely target the 50% retracement at 1071 or it could go lower? Is there a target of this drop based on the length of wave A up? Thanks for sharing your insights.

Steve, could you please post the chart for a reference? Many thanks!

Steve, What pivots would be used in the bullish and bearish scenario for somebody, entering on a short side at the right-shoulder location (1002- 1005ish)?