Stock Market Due for Minor Pull Back

By: Brad Gudgeon | Mon, May 1, 2017
Print Email

Over 2 weeks ago, I was looking for a top on April 26th and another on May 1. Today's top appears to be a secondary top, which is pointing down in the coming days. My best guess is a move to 2356/57 SPX by Tuesday this week, and by Thursday or Friday, a move down to as low as the 2344/47 area covering or filling the recent gaps. Another move back up to new highs by around May 16th or 17th should be it for the intermediate term with a major 18 month low beckoning in early to mid August of this year.

As far as the precious metals complex is concerned, my thinking was right: we were due for a substantial pull back into the “twenty week low”, due ideally, next week. We should then see a nice multi-month rally (into the mid/late July time frame of this year).

S&P500 Hourly Chart
Larger Image

 


Our option and ETF players have been doing extremely well lately trading the swings. BluStar Market Timer is offering a FREE One Week Trial to any subscriptions. Please contact me on the contact page and let me know which subscription you wish to receive and e-mail to send your updates to.
Website: 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

Disclaimer: The information provided by the BluStar Market Timer is to be used for educational purposes only. We do not recommend the buying or selling of any securities, are not registered investment advisers and do not offer investment advice. Stock market investing is considered risky. Market timers can and do make mistakes. Past performance is never a guarantee of future performance.

Copyright © 2014-2017, Bradley Ray Gudgeon, BluStar Market Timer, Eagles Over America. All rights reserved.

 

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com