Gold, Silver, Mining Shares Bottom Evident

By: Brad Gudgeon | Wed, Aug 31, 2016
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The chart below of GLD shows support on the long standing up trend line. GDX has sported a bullish “Morning Star” pattern. Normally, Mercury Retrograde ends an up movement, but in this case has ended a down movement. Expect some upside fireworks to begin tomorrow (Sept 1) and especially on the employment report Friday. The final “C” Wave of the sequence should commence.

GLD Daily Chart
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GDX Daily Chart
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The stock market gave us a minor buy signal in the low 2160's SPX today. It may end up being a one day wonder. Time will tell. The 10 week low is still ahead of us. A 115 TD top is due October 3rd. A big move down looks likely from October into November.

As always, we trade the market not the forecast.

 


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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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