WARNING: One thing that always screws with the timing of tops and bottoms during this time (Nov through mid January) is the multiple days the market is closed due to holidays (Thanksgiving - 1.5 days, Christmas - 1 day, New Years - 1 day and MLK day. A total of 4.5 days market is closed in about 1.5 months). So be aware of the potential compression of market days in a cycle during this time of year.
Appears though the market should have an upward bias in the coming week.
GL traders
Update - gold/silver index:
Hitting resistance as 7 week cycle tops (should bottom 3rd week of February as 3.5 month cycle tops).
It would be awesome if you'd give weekly updates on Gold/GDX as well since they just started what might be the next major leg up. Yes?
ReplyDeleteExtremely accurate in 2016, this year a difficult start with the cycles. Now SP has moved down a bit. Hope soon a reference point is picked up to be in phase again. Keep up the great work!! Thnx
ReplyDeleteI agree with both of these comments. Excellent blog. Thanks!!
ReplyDeleteI was wondering if you are expecting a very sharp drop in oil (WTI) this week or next, as the 24 week cycle is bottoming.
ReplyDeleteNot sure about a "sharp" drop, but looks like WTI is due a correction over the next month to 6 weeks. I suppose how "sharp" it is may depend on HOW MUCH cheating happens by OPEC members.
Delete