Quick Airpocket Ahead, Miners Look Good

By: Brad Gudgeon | Mon, Jun 19, 2017
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The stock market is due for a sudden air pocket, likely from Tuesday to Thursday this week. My downside target is 2398 +/-. We are due for the 10 week low from April 13, 2017.  The SPX is making an irregular abc type (y) wave top that is not being confirmed by stochastics or the MACD daily. Last time we saw this was May 16-17, 2017 on the 5 and 7 week low. The pattern is bullish once resolved.  We should see a final top on or near July 5-7.

Astro-wise, the Sun, Mercury and Mars conjunct on June 21 in Cancer, with the moon in Gemini until the 22nd. June 21 should bear the brunt of the downside. We have two Bradley turns due June 21/22.  Last time we saw this same combo was May 18/19. The latest the bottom should occur would be June 23.

Higher prices are in the cards into either late June or early July on the 43/44 week highs and we are near a 38 TD top (thanks to Yani from London, England for showing these to me). These agree with my other cycle work as well.

S&P500 Daily Chart
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GDX is sporting a very bullish xyz pattern bull flag.  All thing being equal, we might expect GDX go up into the high 24.00 area near 24.75 no later than late June or early July. This appears to be an Elliott bear rally, so beware.  I think much lower prices are coming.

GDX Daily Chart
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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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