• 14 hours Investors Should Be Worried About Tech Stocks
  • 3 days Battle For Market Share Intensifies In COVID Streaming War
  • 5 days Censorship Is Now Private, And That’s Scary
  • 7 days Markets Hit ‘Ignore’ Over Capitol Coup
  • 9 days Tesla’s China Strategy Is Yet Another ReasonTo Double Down
  • 10 days NYSE Reverses China Company Delisting Plans … For Now
  • 12 days The Dollar Could Remain Weak For Years To Come
  • 15 days The Simple Secret To Tesla-Like Gains
  • 16 days US-Listed China Stocks Have 3 Years To Become Transparent
  • 18 days $30,000 Is The New $20,000 For Bitcoin
  • 18 days Gold Slips Following Stimulus Announcement
  • 19 days Illegal Streaming Targeted In The 5,000 Page COVID-19 Stimulus Bill
  • 20 days Big Investors Are Dumping Gold For Bitcoin
  • 21 days The Most Exciting And Strange Energy Tech Of The Year
  • 22 days Morgan Stanley Sees Apple As Major Threat To Tesla’s Dominance
  • 24 days U.S. Lawmakers Pass $2.3 Trillion Relief Package
  • 25 days The Super-Rich Are Investing In “Pandemic Passports"
  • 26 days 5 Promising Stocks in 5 Different Sectors to Start the New Year
  • 27 days Mexico Is Quietly Pushing Out Foreign Oil Investors
  • 28 days A Looming Decision From The Fed Could Send Gold Soaring
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

Stock Market Pull Back Shallow, More to Go

The market is gradually becoming oversold with much resistance. The cycles suggest a low no later than around Friday this week. May 17th is the next three week cycle top and is also a Saturn turn. Waves tend to equal each other in time and price, especially an "a-b-c" type advance. We are in wave 'b' of that advance. This would suggest a low late in the week probably somewhere near to SPX 2361/62 and a final top (wave 'c') on May 17th near to 2431 (see chart below).

GDX will likely rally into week's end to around the 22.50 area and then fall as the stock market rallies. GDX should find its final low near 20.50 in the coming weeks.

S&P500 Hourly Chart
Larger Image

Our SPX3 subs are still short, but eyeing the coming buying opportunity (you can see the sideways distribution pattern that usually comes first before a drop). This last 'c' wave should be it for the rally that started on February 11, 2016. I'm looking for a major summer low (Primary Wave 4?) and then one more strong rally into September 2018. September 2018 looks eerily similar to the 1929 top, in my opinion. We are due.

 


BluStar Market Timer is offering "one free week trial" to all new subscribers.
Contact us at: http://www.blustarmarketimer.info

 

Back to homepage

Leave a comment

Leave a comment