A sideways bear flag seems to be working itself into a top as late as late Friday/early Monday on the SPX (late Friday for GDX). Choppy action indicated ahead with a strong rally possible on OPEX Sep 16 (Mars trine Uranus Sep 17) after a new low early Friday (based on the 4 TD cycle). This is my current weather forecast for the stock market as well as the gold miners.
Overall, this is pointing to more down side into Thursday next week (Sep 22) where the next 8 TD low is located. This is extremely late for a ten week low and may be signaling a market that is rolling over, I'm not sure. While the e-wave normal count suggests otherwise and the 115 TD top due Oct 3rd gives me pause to think otherwise, I cannot ignore the recent action. This only serves to keep me on my toes, not wishing to get married too long to any side at this juncture.
A late year drop is coming, no doubt in my mind. The big question is: do we make new highs in early October first? Stay tuned.
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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