• 2 days Welcome To The Used Car Bonanza
  • 3 days The Year Of The Retail Investor Keeps Getting Bigger
  • 4 days Airlines Could Recover, But Crew Remain Elusive
  • 4 days Meet The Man Behind The World's Most Exciting Oil Play
  • 5 days Crypto-Mining Immigration Could Be The Start Of A New Trend
  • 7 days Hawkish Fed Sends Gold Prices Crashing
  • 8 days Bezos Is Heading To Space This Sunday
  • 11 days El Salvador’s Surprise Bitcoin Move
  • 14 days Markets Unfazed As Inflation Hits 13-Year High
  • 15 days How the Token Economy is Disrupting Financial Markets
  • 17 days FBI Investigating 100 Types Of Ransomware Attacks
  • 19 days Fed Ends Corporate Credit Emergency Lending Program
  • 21 days AMC Becomes the Latest Winning Meme Stock After GameStop
  • 22 days The Real Reason Your 401k Has Been Lagging
  • 23 days China Lifts Cap On Births, Allows Three Children Per Couple
  • 25 days The Market Is Ripe For Another GameStop Saga
  • 28 days Senate Grills Big Banks Over Pandemic Opportunism
  • 29 days Cannabis Has A Major Cash Problem
  • 30 days Ransomware Netted Criminals $350M In 2020 Alone
  • 31 days Russia Is Taking On Google
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

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…

Contact Author

  1. Home
  2. Markets
  3. Other

Choppy, Toppy Market into Early October

Last week, we saw the stock market whipsaw: up one day and down the next. That pattern should continue into October 4th with another down day Monday. Buy the dip! A cycle top is due on Oct 4. The whole pattern smacks of a sideways 'b' wave bear flag that should give way to a nice 'c' wave drop into week's end.

I believe we finally see that false break of the rising wedge I've been talking about. A test of SPX 2099/2100 looks likely by Oct 7. October 6th should be a huge down day, somewhat similar to September 9th. What a messy strewn out 'Z' wave we've had (see chart below).

The expected October 7th bottom should yield the final "C" wave thrust back up into the rising wedge, perhaps as high as 1995-2110 or somewhere in between. 2220 would surprise me. October's expected top on October 14th should be the high for the year. A post election surprise should drop the markets markedly into around November 18-21.

Gold made a new low 2 trading days past the GDX low last week.  Silver tried to rally, but stalled. The recent pattern suggests a strong rally early next week, but like the stock market perhaps doomed to fail to make a higher high than the last high.

SPX Daily Chart
Larger Image

GDX Hourly Chart
Larger Image

 


We now offer free auto trading. BluStar subscribers now have access to free auto trading via Auto Shares.

We are now offering a 1 week free trial.

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

 

Back to homepage

Leave a comment

Leave a comment