Stock Market Downtrend Continues | Brad Gudgeon | Safehaven.com
Stock Market Downtrend Continues
By:
| Sat, Jun 6, 2015
Last weekend, I was looking for a low on Monday, a rally into Wednesday and then down into June 8, followed by a rally into June 10 and then down hard into June 12. The low came on Tuesday, and we did rally into a Wednesday top, but the amplitude of the waves forecast was wrong. One never knows exactly how the waves will play out until one is right on top of the occurrence (later as it unfolds it becomes a little clearer).
Right now it looks as though the SPX is due to go to the next pivot/support near 2067/68 on Monday. A bounce back to the bottom of the rising wedge near 2100/01 (Friday’s top) would be the next expectation into Wednesday next week and then down hard into Friday. Friday’s expected bottom target is anywhere between 2034/35 on the low side and 2047/48 on the high side.
The chart below explains the e-wave denotations with pivot/supports:
Either way, SPX 2034 or 2048 we should rally strongly (+6%?) into the 24th of June (Jupiter trine Neptune June 22 +/- indicates a topping area). I prefer the 2034 target as A=C in price and 2034 is the .618 retrace of GREEN WAVE A, but with the 200 day moving average near 2048 next Friday and the fact that 5 weeks ago, the SPX fell about 52/53 point in the same cycle position, I have included it as an alternate. I would give it a 60/40 ratio odds: the preferred over the alternate, so it could be flip of the coin. In the past 3 years, we have made a top about every 35 weeks and then fallen for 3-5 weeks at least 100 SPX points. Also, a lower wave Z of B would provide more strength for a powerful C WAVE rally. We’ll see!
Astro-wise, we have Mercury going direct Thursday and Neptune going retrograde on Friday. This is a huge astro nesting for a reversal. It is also the next 4/13 TD low.
Silver and gold have been plummeting (as I had forecast a couple of weeks ago), but these, too, should reverse and go markedly higher (with the stock market) after June 12 into the week after OPEX/Futures Expiry.
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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
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This web site is also updated periodically as events unfold.
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Author: Brad Gudgeon
Brad Gudgeon
BluStar Market Timer
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 instead of the normal 5 Waves since the market topped in 2000. According to “The Original Works of R.N. Elliott”, we are due for a move down to about the S&P 500 442/443 area in the next few years. In my opinion, this is no longer a buy and hold market, but a traders’ market. We mainly swing trade the market with funds and ETF’s, but otherwise trade according to the market’s disposition and to the traders’ discretion. For the year 2014, BluStar Market Timer is rated #1 according to Timer Trac. http://www.blustarmarkettimer.info
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Stock Market Downtrend Continues | Brad Gudgeon | Safehaven.com
