New highs, but closing on to a top
$SPX is in a 5th wave up (on the hourly) from the recent low of 1,539.5 of April 5 (1,554-1,548-1,573-1,568-now), with a projected target of 1,595 (range of 1,589 - 1,602) for this particular leg up.
The high today was 1,589.07, so our range has been met.
In addition, $SPX on the hourly is overbought
Also, $DOW since the 12,884 low of December 31, 2012, was projected to end at 14,854 (range of 14,805 - 14,900).
In conclusion, our models indicate that we may be close to a top here and hence we are skeptical of any movement of the markets much higher.
Again, as we have been advocating for some time now, we need to wait and see what trend the market confirms.
I've been following your comments on Tony's (Obj. Elliot Wave) blog/site. Most of your targets have been pretty good. It'll be very interesting to see if you are correct and the SPX is about to top here, rather than reaching Tony's 1614 pivot. Do you make any other sector targets, such as for gold or other commodities?
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