Tuesday, October 31, 2017

Oct 30, 2017

The 2548/49 target seems to be the best fit for the SPX and likely by early Wed.  This current sideways 'b' wave bear flag could take into about 12:50 today or mid session (EDT).  A slightly higher high than the early one is likely but not by much (2577?).
This would mean a Wed-Friday move to new highs (2587?) forming a H&S top suggesting a low on the 57 TD low next Thursday (Friday-Thursday down) to the 2502/10 level.
GDX is suggesting a top next Thursday based on the Equality of Waves Principle.  I would think GDX trades opposite the SPX into that expected top.  Today, GDX has pulled back some, so I expect a rally into Wednesday then a pull back into Friday. GDX looks to be building a bear flag with an expected low in DEC.