We have a more classic extended wave [v] of 5 count shown in the SPX. Either way, both charts suggest the same thing so don't get hung up in the squiggles. Target 2000 SPX if this count pans out.
MISH was pounding the table for gold and linking an article on how Goldman was saying gold is going to $1050 yet you shouldn't listen to Goldman Sachs because they frontrun the "muppets" (public). This is of course probably true that GS does frontrun the muppets but in the case of GS's $1050 target for gold there is an EW pattern that does indeed point to this $1050 price target.
Is everything a contrarian play with GS's calls as Zero Hedge often suggest (and prove to be mostly right)? If Goldman Sachs says gold is going to $1050 should you take the opposite stance? In this case the wave pattern suggests that GS may be perfectly correct in an eventual downside target of $1050 in gold. That is where support lies.
A price rise above $1392 would invalidate the wave 4 triangle.