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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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Gold, Silver, Mining Shares Bottom Evident

The chart below of GLD shows support on the long standing up trend line. GDX has sported a bullish “Morning Star” pattern. Normally, Mercury Retrograde ends an up movement, but in this case has ended a down movement. Expect some upside fireworks to begin tomorrow (Sept 1) and especially on the employment report Friday. The final “C” Wave of the sequence should commence.

GLD Daily Chart
Larger Image

GDX Daily Chart
Larger Image

The stock market gave us a minor buy signal in the low 2160's SPX today. It may end up being a one day wonder. Time will tell. The 10 week low is still ahead of us. A 115 TD top is due October 3rd. A big move down looks likely from October into November.

As always, we trade the market not the forecast.

 


I'm offering a special 2 for 1 subscription offer good until Labor Day September 6. See my website for details.

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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