Market nearing phase 5 highs?
We think the market is in the final stages of the advance with 4-8% correction not far around the corner. Pattern analysis indicates the 5 wave advance from the 1398 pivots are completing within another 10-30 points of the 1544 figures the SP 500 stands at right now.
Watch the 1569 area specifically plus minus a few points for a possible reversal top in March.
Gold appears attractive as long as the 1520 area holds.
Here is an interesting article from business insider on cash balances and margin debt projecting a market high for first time since the 16% correction from the April 2010 top:
The Stock Reversals Team