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Oct 30, 2017 Update

SPX GDX

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#1 blustar

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Posted 31 October 2017 - 09:34 AM

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.
 



#2 redfoliage2

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Posted 31 October 2017 - 02:32 PM

The potential is there for SPX 20 points down tomorrow if the House unveil a tax cut bill with five years phased-in cut.


Edited by redfoliage2, 31 October 2017 - 02:32 PM.


#3 redfoliage2

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Posted 31 October 2017 - 07:22 PM

The potential is there for SPX 20 points down tomorrow if the House unveil a tax cut bill with five years phased-in cut.

The proposal for five year phased-in was nixed.  Bulls should be okay tomorrow:

https://www.politico...tax-plan-244385


Edited by redfoliage2, 31 October 2017 - 07:24 PM.






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