All the markets we cover (stock market, precious metals, crude oil) are currently in the process of taking significant short-term corrections from recent highs.
The broad stock market continues its trek downward with all three indices (DOW, S&P 500, NASDAQ) now well below their 15-day and 45-day moving averages. There are no reversal zones for this market this week, so I don't expect a final bottom to this correction until next week when we enter another strong reversal zone (April 22 - May 3). That bottom should be the final bottom to the current medium-term cycle in all three indices, and we will likely be looking to buy there.
Crude oil prices also seem to be falling from a double-top high on April 5 ($87.63) and April 10 ($87.67) (May contract chart). Today prices closed just below the 15-day moving average, so we expect them to fall lower - most likely into next week's general reversal zone, which is also applicable to crude. We expect the final medium-term cycle bottom in this market next week or the week after, and we expect it to be a good spot to buy - as long as prices stay above $70.
Gold and silver both made significant highs on April 12, and a significant correction may be in progress in both metals now. A sharp sub-cycle corrective drop could unfold that would test the 15-day moving average and maybe even the 45-day moving average. Next week's strong reversal zone is also relevant to gold and silver, and that would be a good time for a sub-cycle bottom. We note that we are still inside a potential "pivot point" for both metals that ends Wednesday, and another one starts Friday and ends next Monday. We could see one or both metals edge back up to a new high before taking a more serious fall. We might even see prices move higher into next week's reversal zone before falling. Whichever way this plays out, we are on the lookout to buy the bottom of the next significant sub-cycle correction in one or both precious metals.
We are currently on the sidelines of all these markets (broad stock market, crude oil, gold, and silver).