No Comments Written by Anthony Truong on April 25, 2008 – 8:41 pm

In this update, I’ll let the charts do MOST of the talking. They speak a thousand words…or dollars, depending if you trade these markets.

Note that I haven’t labelled the silver 5 min chart; there are so many potential counts at the moment that are all valid, so I will wait for further market action before I apply some labels. However, needless to say, silver, like gold and the EURUSD are in bear markets, and will continue lower in the intermediate to long term.

With gold and the EURUSD, the labels represent my primary count, but there are strong cases for alternates, so we’ll see what happens in tonight’s trade.

In equities, Dow is tracing a better looking final wave up in a very complex W-X-Y correction, than the S&P500. I’m following a 1-2, 1-2 (with the latter 2 containing the W-X-Y combination) count, due to recent market movements. Fed meeting on Monday is ominous; all major US indices look set to form a final top either tonight or on Monday before the Fed releases its rate decision. Wave 3 of 3 should be unrelenting and take us to levels not seen in years.

“Sell in May and go away”? I highly recommend adhering to this adage.