Stock Market, Gold Early Week Pullback Expected

By: Brad Gudgeon | Sun, Aug 16, 2015
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Stock Market: The 12 TD low came on Wednesday along with the TLC low near 2052. Next is due the 4/(8-1)/16 TD low on Tuesday this next week. Support is in the 2039/2046 SPX area. Friday the 14th was a solunar turn and new moon as well as the 4 TD top. I believe we are nearing a short term low and a rally (low 2100's SPX) is due into OPEX and even the day (August 24) after where we can expect lower prices again. The next TLC low is due August 31, so an August 24-31 drop is indicated.

Gold: The 16 TD low is due ideally late Monday August 18, 2105, but could come Tuesday with the expected stock market low. A drop of around $11 an ounce should cover the important gaps. We got out of NUGT on Wednesday for a nice profit and the last two trading days, gold pulled back strongly. We look to go long by Tuesday latest and another 5 trading rally is expected. NUGT could drop another 9-11% into the early week low. The trend is counter trend and "up" into October.

Next week, I will concentrate more on the expected Sept/Oct drop to my expected target into the low 1700's SPX and the continuing countertrend gold rally. Remember, we trade the markets, not the forecast.

 


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Brad Gudgeon

Author: Brad Gudgeon

Brad Gudgeon
BluStar Market Timer
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BluStar Market Timer Investment Philosophy: The stock market is currently in a technical Elliott Wave Bear Market Rally. It has been exhibiting A-B-C type waves instead of the normal 5 Waves since the market topped in 2000. According to "The Original Works of R.N. Elliott", we are due for a move down to about the S&P 500 442/443 area in the next few years. In my opinion, this is no longer a buy and hold market, but a traders' market. We mainly swing trade the market with funds and ETF's, but otherwise trade according to the market's disposition and to the traders' discretion. For the year 2014, BluStar Market Timer is rated #1 according to Timer Trac. http://www.blustarmarkettimer.info

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