Last time I wrote that I believed that the market would fall into my next cycle projection low due on the FOMC meeting announcement day, April 29. It came early today and forced us to cover our short positions and go long (this market will keep you on your toes for sure). More than half the battle trading the market is recognizing when you are wrong.
Anyway, the chart below shows what I believe is going to happen into next week:
We have a big gap to cover and it should do that by Friday this week. The 8 TD low can go out to 10 TD's. Today was the 4 TD low. The Wall Cycle came early too. This looks like a repeat almost of 2 weeks ago (only the sell-off today was more pronounced).
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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. To view the details more clearly, you may visit our free chart look at www.blustarcharts.weebly.com This web site is also updated periodically as events unfold.