Stock Market: The 12 TD low came on Wednesday along with the TLC low near 2052. Next is due the 4/(8-1)/16 TD low on Tuesday this next week. Support is in the 2039/2046 SPX area. Friday the 14th was a solunar turn and new moon as well as the 4 TD top. I believe we are nearing a short term low and a rally (low 2100's SPX) is due into OPEX and even the day (August 24) after where we can expect lower prices again. The next TLC low is due August 31, so an August 24-31 drop is indicated.
Gold: The 16 TD low is due ideally late Monday August 18, 2105, but could come Tuesday with the expected stock market low. A drop of around $11 an ounce should cover the important gaps. We got out of NUGT on Wednesday for a nice profit and the last two trading days, gold pulled back strongly. We look to go long by Tuesday latest and another 5 trading rally is expected. NUGT could drop another 9-11% into the early week low. The trend is counter trend and "up" into October.
Next week, I will concentrate more on the expected Sept/Oct drop to my expected target into the low 1700's SPX and the continuing countertrend gold rally. Remember, we trade the markets, not the forecast.
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