In last Tuesday's blog I wrote:
"If equity markets are starting a significant correction now, we could see a very rapid plunge into next week's reversal zone for a possible final bottom to the current medium-term cycle. As I mentioned in Sunday's blog, this correction could take the DOW down to 25,000 or lower. If this happens, we will abandon any plans to short sell and just wait to buy at the cycle bottom."
This happened last week as equities melted down on Thursday and Friday. I am unable to write an extensive blog at the moment, but I will be posting an update on all the markets tomorrow. There is a good chance we will be looking to enter a long position in the broad stock market this week (as long as this correction doesn't go too deep) so traders should stay tuned all next week. Gold and silver are also falling into our target ranges to buy so we may be going long in the precious metals market as well.
I apologize for not posting more right now, but I also suffered a nasty meltdown this weekend - the flu!