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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, Gold Update

It looks as though the stock market is waiting for the malefic Saturn Stationary/Direct in Sagittarius around August 13th before any serious damage might occur. The 7- week cycle low is due August 16 +/- and may coincide with the August 19th projected GDX low where there is a bisecting of the January 20 to August 2 .618 retrace and Mar '09 to January '16 rising bottoms line near 1952/53. GDX: July 6-25 (wave X) added to the August 2 top (Wave Y) = August 19 (which is also a TLC low, wave Z).

Notice on the SPX the tightening daily Bollinger Bands, and on the GDX chart the rising wedge (with tightening Bollinger Bands). The next Bradley turns are due between August 8-10 and 18th (full moon/lunar eclipse). We may see sideways markets until mid week next week.

SPX Daily Chart
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GDX Daily 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

 

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