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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 Has Topped; GDX Continues Down

The signs of a stock market top came on July 22 when the SPX made a truncated pseudo 5th wave failure at 2175. There were many astro/cyclical signs pointing to a July 19/20th top. My thinking regarding a continuation higher for the stock market is now not warranted.

GDX is about to break an important uptrend line and the technical/cyclical read is down hard next week to near $25 +/- .20. Gold and silver could make a final bottom in early August.

July 26th could have both GDX (25.00 +/-?) and the SPX falling hard (2100?). July 26th is located exactly seven calendar days past the full moon, last time falling exactly on the stock market low of June 27. On July 29th, Uranus goes Stationary/Retrograde, suggesting a major turning point for the markets +/- 2 weeks. We may have already seen that for the stock market and close to seeing that for GDX and the precious metals.

SPX Daily Chart
Larger Image

SPX Daily Chart
Larger Image

The stock market could be in a real choppy zone for weeks as we approach October and the election. The swings could be exaggerated from the norm, with wild swings in both directions.

 


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

 

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