We are now at the end of the late August reversal zone (it may extend a little into early next week) and it appears we are getting significant reversals in the major financial markets followed on the website:
Gold and especially silver are now falling from peaks on the 28th (Wednesday). This is likely to be a short-term correction and prices may get down to the $1300 area in gold and $22 in silver. We will be looking to buy this bottom as the medium-term and long-term picture for gold and silver remains very bullish. Standing aside and waiting to buy.
The broad stock market (especially the S&P 500 and NASDAQ) formed a small peak on the 26th (Monday) before news about "imminent" military strikes in Syria sent it plunging into Tuesday. Delays in this military action (and the lack of support from the UK) seems to have calmed the market over the last few days, and we may see the indices rise a bit more into next week. I suspect, though, that this correction isn't over yet, and any definitive military action now by the U.S., as well as a negative unemployment and payroll report in early September, could send the market back down into a deeper correction. The alternative possibility (less likely in my opinion) is that the correction is over and the market is reversing from a bottom now. Technical factors are mixed (but slightly more bearish than bullish). I am still holding my short position in this market until I see stronger bullish signals.
Crude oil is reversing (as we suspected it would this week) and is falling steeply from a peak on Wednesday when the intraday price shot up to $112. This "blow-off" peak was driven by the news of possible U.S. military strikes in Syria. Of course, this possibility is still present, so the current correction may not get very far. Since momentum is remaining very bullish, we will probably be looking to buy the bottom of the correction. On the sidelines for now.