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Gold to Rally More, Stocks Should Drop

Stock-Markets / Financial Markets 2016 Nov 23, 2016 - 07:21 AM GMT

By: Brad_Gudgeon

Stock-Markets

GDX looks to rally hard in a 'c' of "C" wave, likely into Early the 25th. We could see GDX around 24.50. It looks like a bear rally. The jobs report on December 2 could knock the precious metals sector down like it did from November 9-14.

The SPX is running on fumes and should drop at least to the 2162 area by early Friday I would think. Higher highs into next November 30-December 1 look likely and up to around 2208/09. My target for next week of 2203 was hit today.


The stock market 40 week low (November 4 on the cash market and November 9 on the futures market) marked an X wave of a larger topping process. It is very odd for a 40 week low to be so shallow, but I have resigned to the fact that it has already come. By next week, we may see the Wave Y top with Z to come to the down side.

Wave X started on July 15th and ended on September 12th. Wave Y began on September 12th and should end next week. Normally, Wave Z of a topping pattern like this comes swiftly, but may take longer than either Wave X or Y. The next possible 10 week low would be due in early/mid January and then the 20 week low in early to late March. This coming low should be a much larger one than recent ones.

S&P500 Daily Chart

S&P500 Hourly Chart

GDX Daily Chart

I have a current special on my website that will help you take advantage of the SPX, GDX and Volatility, all for the price of one subscription.

Brad Gudgeon
Editor of The BluStar Market Timer

www.blustarmarkettimer.info

The BluStar Market Timer was rated #1 in the world by Timer Trac in 2014, competing with over 1600 market timers. This occurred despite what the author considered a very difficult year for him. Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The website is www.blustarmarkettimer.info To view the details more clearly, you may visit our free chart look at www.blustarcharts.weebly.com.

Copyright 2016, BluStar Market Timer.  All rights reserved.

Disclaimer:  The above information is not intended as investment advice.  Market timers can and do make mistakes.  The above analysis is believed to be reliable, but we cannot be responsible for losses should they occur as a result of using this information.  This article is intended for educational purposes only. Past performance is never a guarantee of future performance.

Brad Gudgeon Archive

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