Larry Edelson, of Uncommon Wisdom Daily, says that the Dow Jones Industrial Average may very well be nearing a top. We’ll note, for those of you who are skeptical of forecasters, that since the Summer of 2009, Mr. Edelson forecast a Dow Jones top in the 10,500 area. As fundamentals and technical signals changed, so did his forecast, but it seems like he has been right on target.
There is, as I’ve indicated to you before, massive system resistance – that’s on my mathematical models – at Dow 11,000, at Dow 11,200, and Dow 11,600. It’s very likely indeed that the Dow will pop its head above 11,000.
But we are in the very, very late stages of the rally off the March 2009 lows and I would not be getting overly enthusiastic here about the stock market.
While the market may still have a way to go, we, like Mr. Edelson, believe that it is getting close to capsizing. We’ll keep you posted on any significant technical, fundamental or cyclical developments if and when they happen.
View Larry Edelson’s Video Update for Oil, Gold, the US Dollar and the Dow Jones: