Over 2 weeks ago, I was looking for a top on April 26th and another on May 1. Today's top appears to be a secondary top, which is pointing down in the coming days. My best guess is a move to 2356/57 SPX by Tuesday this week, and by Thursday or Friday, a move down to as low as the 2344/47 area covering or filling the recent gaps. Another move back up to new highs by around May 16th or 17th should be it for the intermediate term with a major 18 month low beckoning in early to mid August of this year.

As far as the precious metals complex is concerned, my thinking was right: we were due for a substantial pull back into the “twenty week low”, due ideally, next week. We should then see a nice multi-month rally (into the mid/late July time frame of this year).

S&P500 Hourly Chart

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.

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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.

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