Stock Market Has Topped; GDX Continues Down

By: Brad Gudgeon | Sat, Jul 23, 2016
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The signs of a stock market top came on July 22 when the SPX made a truncated pseudo 5th wave failure at 2175. There were many astro/cyclical signs pointing to a July 19/20th top. My thinking regarding a continuation higher for the stock market is now not warranted.

GDX is about to break an important uptrend line and the technical/cyclical read is down hard next week to near $25 +/- .20. Gold and silver could make a final bottom in early August.

July 26th could have both GDX (25.00 +/-?) and the SPX falling hard (2100?). July 26th is located exactly seven calendar days past the full moon, last time falling exactly on the stock market low of June 27. On July 29th, Uranus goes Stationary/Retrograde, suggesting a major turning point for the markets +/- 2 weeks. We may have already seen that for the stock market and close to seeing that for GDX and the precious metals.

SPX Daily Chart
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SPX Daily Chart
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The stock market could be in a real choppy zone for weeks as we approach October and the election. The swings could be exaggerated from the norm, with wild swings in both directions.

 


Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info

 


 

Brad Gudgeon

Author: Brad Gudgeon

Brad Gudgeon
BluStar Market Timer
Blog
eaglesoveramerica.com

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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