The big play right now looks to be GDX long: NUGT and GDX calls for leverage. GDX could hit 24.69 +/- by early Thursday.
The SPX continues its topping action, which may continue into Wednesday. A minor low is on our radar for Oct 23. Resistance is near 2560.
Monday, October 16, 2017
The magic number for me would be SPX 2560/61 today in the first hour of trading. IF that does not happen, then a slightly different scenario would be in play than previously thought (a high and low in the same day). The previous (x) wave ran 2 TD's (Oct 5-9) so IF today is wave (y), then (z) could run 2 TD's also, which points to a Wednesday low.
GDX could move a little higher on open today, but my thinking suggests a pull back today followed by a big move up on Wednesday.
Wave (x) ran from 2552 down to 2541. Normally, wave (z's) are c's: hard waves down. An xyz scenario right here going down into Wed would imply higher prices directly ahead. IF we do the previously thought of scenario (hi/lo) in same day, the resulting scenario would imply a choppy move move to new highs by the end of next week.
Sunday, October 15, 2017
SPX: Monday is TD 15 from the 24 TD (5 week) low (August 25) and should be both a top and bottom. Resistance is near 2560/61 and support near 2536/37.
The week ahead should be choppy going into OPEX Friday (Sun opposite Uranus on the new moon Oct 19). There is a Bradley turn Monday and around Friday/Monday next. Next week should be range bound and indecisive. A possible important top near 2567 may be due on the 26th (8 TD top/Sun conj. Jupiter). A minor low is due Monday the 23rd.GDX: GDX is in TD 9 off the recent low and is due a pull back Monday to around the 23.40/50 area. Mercury conj Jupiter on the 18th is bullish for GDX with a target into the 24.40's.
Thursday, October 12, 2017
The SPX made an xyz bull flag today suggesting higher prices into Monday, which should also be a low. I expect 2560 by Monday then a quick test of 2536 the same day to cover the recent gap up. Monday is TD 15 off of a 24 TD cycle low. We had similar moves in early June and again in late July. All shorts should cover at 2536 and go long as another new high should result.All momentum indicators are rolling over suggesting after the next high after Monday we should see some downward selling. Friday could gap up.
Friday, October 6, 2017
I'm giving an IT sell signal on the SPX and NASDAQ COMP and NDX 100 (QQQ).SPX target is 2465 by Oct 30/31 (the ten week low). March 1 to June 19 top = 76 TD's. 76 TD's from June 19 equaled Oct 5 (Hadik has a top due on the NDX between Oct 5 and 6). The NDX topped on July 27 and went down 17 TD's. On March 1 the SPX went down 18 TD's. This times a low around Oct 30/31 down about 3.4%. Oct 30/31 is the 10 week low from August 21.
GDX is on a strong buy signal. Same with gold. I bought GDX 23.00 calls Oct 20, 2017 this morning at GDX 23.05.
Thursday, October 5, 2017
The SPX's move is surprising everyone including me. 8 straight days up. The 6-7 week lows run 32-38 TD's. Upward resistance is 2557/58 for Friday and 2560/61 for Tuesday next week.Likely we see 2487/88 by Friday the 13th, the 35 TD low (35+3). Also 14 TD's from the 24 TD low which was 14 TD's from the low before that. Mars sq. Saturn on the 11th is hugely war like and could involve Rocket Man and Trump.
GDX should benefit next week