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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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More Selling Monday?

It looks like that we should have more selling early Monday in the stock market according to the extremes of the 4 TD low combined with the current bearish wave action and negative astros. There is a rising wedge that meets near 2110 Monday. I'm not sure we tag that or not, but in any case there should be a strong rally Monday out of this sell-off according to the cycles.

FOMC day, September 21 is running the same potential cycle as September 9th which portends another large down day ahead of us with a low on the 22nd.  These types of patterns where the rising wedge gets broken are known as “False Breaks” and they are always the last of the sequence before new highs and then the subsequent larger sell-off I'm expecting into November.

To me GDX looks more attractive at the expected low than the SPX does. Charts below

SPX Daily Chart
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GDX Daily Chart 1
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GDX Daily Chart 2
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Another thing I wish to mention: please don't trade this or any other forecast verbatim without getting proper updates from the author. Tracking the stock market is much like tracking the weather: you need to have regular updates. Things can and do change.

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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