Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Coronavirus Infection Spread and Deaths Forecast 2020 - Video - 28th Jan 20
Is an Accommodative Fed Bullish for the Stock Market? - 28th Jan 20
Trillion-Dollar Stock Market Cap Club - 28th Jan 20
Corona Virus Wuhan Global Pandemic 2020 Deaths Forecast and Market Consequences - 28th Jan 20
Palladium Surges above $2,400. Is It Sustainable? - 27th Jan 20
THIS ONE THING Will Tell Us When the Bubble Economy Is Bursting… - 27th Jan 20
Stock Market, Gold Black Swan Event Begins - 27th Jan 20
This Will Signal A Massive Gold Stocks Rally - 27th Jan 20
US Presidential Cycle Stock Market Trend Forecast 2020 - 27th Jan 20
Stock Market Correction Review - 26th Jan 20
The Wuhan Wipeout – Could It Happen? - 26th Jan 20
JOHNSON & JOHNSON (JNJ) Big Pharama AI Mega-trend Investing 2020 - 25th Jan 20
Experts See Opportunity in Ratios of Gold to Silver and Platinum - 25th Jan 20
Gold/Silver Ratio, SPX, Yield Curve and a Story to Tell - 25th Jan 20
Germany Starts War on Gold  - 25th Jan 20
Gold Mining Stocks Valuations - 25th Jan 20
Three Upside and One Downside Risk for Gold - 25th Jan 20
A Lesson About Gold – How Bullish Can It Be? - 24th Jan 20
Stock Market January 2018 Repeats in 2020 – Yikes! - 24th Jan 20
Gold Report from the Two Besieged Cities - 24th Jan 20
Stock Market Elliott Waves Trend Forecast 2020 - Video - 24th Jan 20
AMD Multi-cores vs INTEL Turbo Cores - Best Gaming CPUs 2020 - 3900x, 3950x, 9900K, or 9900KS - 24th Jan 20
Choosing the Best Garage Floor Containment Mats - 23rd Jan 20
Understanding the Benefits of Cannabis Tea - 23rd Jan 20
The Next Catalyst for Gold - 23rd Jan 20
5 Cyber-security considerations for 2020 - 23rd Jan 20
Car insurance: what the latest modifications could mean for your premiums - 23rd Jan 20
Junior Gold Mining Stocks Setting Up For Another Rally - 22nd Jan 20
Debt the Only 'Bubble' That Counts, Buy Gold and Silver! - 22nd Jan 20
AMAZON (AMZN) - Primary AI Tech Stock Investing 2020 and Beyond - Video - 21st Jan 20
What Do Fresh U.S. Economic Reports Imply for Gold? - 21st Jan 20
Corporate Earnings Setup Rally To Stock Market Peak - 21st Jan 20
Gold Price Trend Forecast 2020 - Part1 - 21st Jan 20
How to Write a Good Finance College Essay  - 21st Jan 20
Risks to Global Economy is Balanced: Stock Market upside limited short term - 20th Jan 20
How Digital Technology is Changing the Sports Betting Industry - 20th Jan 20
Is CEOs Reputation Management Essential? All You Must Know - 20th Jan 20
APPLE (AAPL) AI Tech Stocks Investing 2020 - 20th Jan 20
FOMO or FOPA or Au? - 20th Jan 20
Stock Market SP500 Kitchin Cycle Review - 20th Jan 20
Why Intel i7-4790k Devils Canyon CPU is STILL GOOD in 2020! - 20th Jan 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

S&P 500 3000 First and Then…?

Stock-Markets / Stock Markets 2019 May 09, 2019 - 05:14 PM GMT

By: Brad_Gudgeon

Stock-Markets

When I last wrote on April 26th, I was looking for a move above 2960. We tagged 2954 on May 1 and then pulled back to 2862 on May 7th. The SPX fell into a rising channel formation and declined to go below 2860, which means to me we have one more rally left before we see a more significant decline later in May and early June.


5_8_19_spx_daily.png

The 20-week low runs 100 trading days 15 TD’s. While May 7th was 90 trading days out from the end of December low, it doesn’t fit the expectation (time or price wise) of a B wave pull back in an A-B-C type rally.

May 7th had Venus square Saturn after Mars squared Jupiter on Sunday. The main part of this pull back was squeezed in between these two aspects: one, a sell-off caused by Trump, and two, a washout with the Chinese capitulating. Also, we have a Bradley turn due May 17 with the full moon on monthly expiration and the above pattern, which is bullish.

The 5 quarterly cycle top week cycle is due in this general time frame and so is the 8 month cycle top.  A move like Jan 26-Feb 9 is due soon, in my opinion, and that finishes Wave B (watch out all those short VIX players!) and C comes next, which I forecast as coming in late July (could be early August) according to the Rising Wedge and the next chart shows an Equality of Waves (C = A in time and price) move and snap back to the uptrend line lining up in early August right at or near 3170.

 I have Wave A terminating on February 24 at 2810 and [x] in early March.  The current rally (Wave [y]) is irregular (highly so) and counts a-b-c with “b” being a Running Correction ending on May 7th. “c” should terminate on May 20th and the [z] wave drop should occur May 20-June 4, where there is another Bradley turn. June 4th would be 109 trading days, which fits the cycle window.

There are a lot of trines into the 18th and trines are generally bullish astro aspects. We have two Thur-Sat this week, so it wouldn’t surprise me that we have a melt-up into Friday and the Donald gets the deal done, (or so we think). The 4/8 TD pattern has lows on May 13th and 17th. May 20th should be the top and the next low should occur on May 22 with a 4 TD top on the 24th.  The expected sell-off should start in earnest after the Memorial Holiday.

Below is a weekly chart of the SPX showing the summer top “Y” and “Z due early next year near 2100 (the 4 year cycle).  I’m looking for a 33-34% drop!!


5_8_19_weekly_spx.png

Below are charts of the dollar and the mining chare index GDX.  The dollar looks toppy into late May and early June. The mining shares still look weak to me and are likely to fall as the stock market rallies into May 20.  After May 20th, I believe we begin the “c” wave of an a-b-c type rally off last summer’s low. I believe a 36-37% rally is due in this sector once we bottom.  NUGT should do very well, IMO.



5_8_19_dollar_weekly.png

5_8_19_gdx_weekly.png

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 atwww.blustarmarkettimer.com

Copyright 2019, 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

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules