Stock Market Top Has Finally Arrived

February 11, 2019

Last time I wrote, I thought a major stock market top was at hand.  As it turned out I was early in my prediction. It looks as though Feb 5/6 is the long awaited B wave top. The chart below predicts SPX 2719 early Monday, followed by 2668 Tuesday and the 2510’s by Feb 19.

Overall, I expect a repeat of Oct 1/3-Dec 24 from Feb 6- April 26 down into the SPX 2100’s. Late April into early June should see Wave A, Wave B into late August and then a final C Wave top in early October.  It would not surprise me to see 3100 by early October 2019. The drop that follows into 2020 should be larger than the current one.

GDX hit a 45 TD low around Jan 22/23 as expected and rallied strongly.  A 3- month low is expected between Feb 13-20, so we may see just a consolidation before heading higher into late February/early March.

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Gold weakens on global cues and lackustre demand