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Our friends at Elliott Wave published three charts I wanted to share. The first is my favorite, because it shows that bears have now gone extinct. The investors “intelligence” survey illustrates that advisors haven’t been this bullish in a full seven years. Looking at this chart, it seems to me that extreme bearishness is a better pivot indicator than extreme bullishness (notice how many times the bullish percentage was high, but the market kept chugging along).
Although I agree with the prior post that the peaks for gold and silver are far from done, for the weeks ahead I’m inclined to agree also with our friends at Elliott Wave who are looking for a pretty severe beat-down of gold and silver before they steady themselves for the final, triumphant Wave Five.
I just thumbed through the latest monthly forecast from our friends at Elliott Wave, and I plucked out some really interesting ones for you:
Courtesy of Elliott Wave International, and used with permission:
Why We Are Watching 2021
The April Elliott Wave Theorist is a rare video issue on the outlook for three key market sectors – stocks, commodities and interest rates. Editor Robert Prechter delivered this presentation on January 18, 2021. Interest rates have followed the script by rising sharply, and they have more to go. Commodities gained since that time as well. The current price action in the stock market makes now a good time to keep in mind our timing work in that sector.
We’re going to look at a 200-plus year chart of U.S. stocks prices. The data is the Dow Industrial Average going back to the 1880s. Prior to that, it’s data from different indexes that newspapers and other sources kept back in the 1800s.
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