I suspect stocks have at the least put in a short term top now that the Humphrey Hawkins speech is behind us.

It’s possible this could turn into an intermediate top. As the daily cycle is on day 15 that would imply the next good buying opportunity is 20-25 trading days away. Normal daily cycles tend to run about 35-45 days.

Now is probably a good time to get on the sidelines and just play the waiting game until we get into that 35-45 day window.

I want to see gold close above $1220 tomorrow to convince me the final yearly cycle low is complete.

It managed to correct all the way back to the 50% retracement and the weekly charts are now as oversold as they have ever gotten. So depending on how tomorrow plays out we may have completed the YCL yesterday. If not we may have to wait another day or two into next week.