I’ve been the lone bull left on the Internet, predicting a new high before a more sizable sell-off.  Though, it is too early to know whether my call will be correct or not, Friday’s action did a great deal shift the balance to my favor.  Other wave counters that I respect, have also turned their primary counts to reflect new highs before the larger pullback.  The surge on Friday has brought all the SYSTEM into Long/Buy trades on all the equities, Silver and Energy. However, GOLD took its loss at the open (-$1,252) and is now in cash.  Should SLV take out its Friday low of $20.37, then it will be exited as well.  The Financials took a $702 loss on its FAZ short and entered FAS, and Real Estate moved from Cash to URE, both trades per Thursday evenings guidance of new highs.   Our returns have been nothing short of phenomenal, but they’ve been so in spite of my poor performance with the precious metals, which were my staple several years ago.  This large degree fourth wave chop has taken its toll on the Portfolio, but I remain convinced it has one last big move up before it too, has  a larger pullback.  Gold will be sitting on the sidelines awaiting another a defining move.

The 30 min chart shows the favorite count that minor wave 1 of intermediate wave (5) has topped or possibly will see a small push up Monday morning (I was looking for 1797.92ish) before closing in the red as wave 2 retraces some the recent gains, with a target of the 1683ish pivot. Monday’s have been the weakest, most bearish day of the week. The SPX daily chart does look quite bullish.  These indicators, obviously longer term indicators than the 30 min SPX chart, have turned up and have quite a bit of range before being over bought.  Things are looking good for the call for new highs.