$SPX charts...

I haven't updated the $SPX charts as much as the $NDX charts, the banking component collapsed this index below it's trendlines, making the charts less useful, but now you can see we are approaching a .5000 node anyway... That node is formally arriving around 4/7/09, but my vote is for just before that, mid March at earliest.
But keep the formal date in mind in case it takes that long for a bottom....

Note the crossover on the 1.382 charts, it occurs on 3/19/09, very close to the 1.000 node date for USO. That may also signal the bottom as it is acceptably close to the $SPX .5000 node at that point (.487). Remember from our Fibonacci work on an earlier posting today, we get 602 and 620 as probable bottom price targets. Looking at the 1.272 $SPX chart above, you should be able to visualise where that price and time window is...

Gold charts...

Notice that the second order trendlines stopped the $Gold rally when the primary trendlines didn't...that's unusual...
This somewhat resurrects the idea that we still have a bottom in $Gold out somewhere near the .500 node or beyond, which is normal behaviour...note though that we are also sitting on a primary trendline, and this will provide support, so this is still a somewhat undecided set of charts that needs further time to resolve...

Elliot count on $SPX...

You can see here, we might be completing wave 3 of 5, and possibly starting a small wave 4 of 5, then you have the last real shorting opportunity as we do wave 5 of 5, and that's it for the big wave 'A' downleg from October 2007. A substantial wave 'B' should follow. It's possible that the turn date for USO, below, is related to the start of wave 'B' in stocks. It wouldn't be totally surprising if the end of 'A' and the beginning of 'B' for the $SPX was in mid to late March. Keep in mind that where I put the 'B' wave on the chart is not where it will end up. It will probably take several months to complete 'B', somewhere off the chart. This is only a schematic.

Just for completeness, the price that's 62% down from the October '07 top is 602, and the point where wave 5 on the diagram equals wave 1 is at 625...This is around the price where wave 'A' should end.

USO revisited....

Notice a 1.000 node coming up soon (middle chart)...

When does it land exactly? 3/19/09 Watch for a REAL bottom in USO possibly a few days either side of that date. That's normally what you would expect. The bounce back at the .75 node a few weeks ago was not something I had a lot of confidence in, as the .75 is a 'minor' node...

A little rally may be starting...

As I mentioned Saturday, the market is very oversold, and though a shorting opportunity is close, we may get a rally of a few days in here, so patience is advised. Historically, the last couple days of a month into the first couple days of the following month have a Bullish bias.

Saturday update...

The markets are starting to breakdown, Tim Wood at FinancialSense has given a Dow theory sell signal, and the dollar is strengthening again as I would expect it to, just as another decline starts. This time, Gold is rising instead of falling with the rising dollar, something I didn't anticipate. It's still unclear if that will continue. Shown is one of the $NDX charts, it's still dancing around the same levels as before, but these markets are weak, and it may start serious downside at any time. Both $NASI and $NYSI are now declining, so this too is giving a sell signal. I will be going into full Bear mode next week....Leveraged Bear ETF's are a good choice here......

Additional point, a Bearish entry might make more sense after the smoke clears from Obama's speech on Tuesday. Markets are short term oversold, so keep thus in mind, it may bounce from the after effects of the speech....

$NYSI and $NASI still topping...

Probably won't get a real decline until these do...

By the way, check out my link to ClubOrlov's site. Interesting, but grim, article
"Social Collapse best practices" has been posted, a talk Dmitri gave recently. Kind of sobering, but gives a good background on the theory of superpower collapse. Many similarities between the old USSR and the current USA.

Gold charts...

Remarkably, this does look like a possible breakout. It is more than rare for a downtrend that hasn't reached the .5000 node to end. We'll see what happens...

$NDX Charts

Precious metals and the market may be rolling over...

one of the $silver charts

This one is at a .250 node, and is overbought on daily RSI...Let's see what happens..

This market is on borrowed time...

This breadth indicator has hit the top blue trendline and rolled over...We have a pretty nice downsloping channel of parallel trendlines forming here...