Yep, I think we are there. In the SM, not the PM’s. I ran my Elliott Wave software on the S&P500 and and the results are self explanatory. Remember my post on the Benner Cycles a few weeks ago?

Samuel Benner’s Cycle Theory

Well, Elliott Waves have now confirmed that we have hit the top. Here it is in a long term chart:

And here it is more short term:

This pretty much settles it for me. Unless we move on to new highs, I am going defensive in the general stock markets for my IRA’s, and taking the mindset that the overall direction is down for the next few years. I don’t really know exactly how low we will go, but would not be surprised to see a 50% drop over the next 3 years or so (think NASDAQ from 2000-2003).