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Brad Gudgeon

Brad Gudgeon

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…

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Stock Market Drop Likely Monday, Gold Topping?

The technicals, cycles and astro-read suggest a high probability of a severe drop in the stock market Monday to as low as the low/mid SPX 1840's. The SPX likely completed the 100 TD low +/- 16 TD's on February 11. The SPY grid lines below shows lines of support and resistance. We may be repeating September 2015 here into March 18. The next important reversal zone besides the full moon being in Virgo on February 22nd, is the Sun/Neptune-Saturn-Jupiter translation from February 29 to March 8. March 8th would mirror Sept 17, 2015 if all works the same with a drop to retest the SPX 1814 area on March OPEX.

SPY Daily Chart
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Below is a daily look at GDX with Andrew's Pitchfork. It looks like we are process of forming a Head and Shoulders Pattern Top. There is a TLC low due March 3. GDX looks to get hit hard like the SPX on Monday. Gold may have made its high for this move and GDX is playing catch-up.

Market Vectors Gold Miners ETF 2-Hour Chart
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SPDR Gold Trust Shares Weekly Chart
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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
BluStar Market Timer offers auto-trading for those who don't have the time or inclination to trade their own accounts.

 

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