Stock Market Pull Back Shallow, More to Go
Stock-Markets / Stock Market 2017 May 04, 2017 - 05:13 AM GMTThe market is gradually becoming oversold with much resistance. The cycles suggest a low no later than around Friday this week. May 17th is the next three week cycle top and is also a Saturn turn. Waves tend to equal each other in time and price, especially an "a-b-c" type advance. We are in wave 'b' of that advance. This would suggest a low late in the week probably somewhere near to SPX 2361/62 and a final top (wave 'c') on May 17th near to 2431 (see chart below).
GDX will likely rally into week's end to around the 22.50 area and then fall as the stock market rallies. GDX should find its final low near 20.50 in the coming weeks.
S&P500 Hourly Chart
Our SPX3 subs are still short, but eyeing the coming buying opportunity (you can see the sideways distribution pattern that usually comes first before a drop). This last 'c' wave should be it for the rally that started on February 11, 2016. I'm looking for a major summer low (Primary Wave 4?) and then one more strong rally into September 2018. September 2018 looks eerily similar to the 1929 top, in my opinion. We are due.
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Brad Gudgeon
Editor of The BluStar Market Timer
The BluStar Market Timer was rated #1 in the world by Timer Trac in 2014, competing with over 1600 market timers. This occurred despite what the author considered a very difficult year for him. Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The website is www.blustarmarkettimer.info To view the details more clearly, you may visit our free chart look at www.blustarcharts.weebly.com.
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Disclaimer: The above information is not intended as investment advice. Market timers can and do make mistakes. The above analysis is believed to be reliable, but we cannot be responsible for losses should they occur as a result of using this information. This article is intended for educational purposes only. Past performance is never a guarantee of future performance.
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