After reading today’s market action, I realized that we were due a bigger move down this week than I originally had anticipated. I have been short the market somewhat from last week from near 2120 SPX, but not heavily so. I sold my leveraged long positions I picked up around 2073/78 on April 17 at 2118 Thursday for a nice 8% profit (all verifiable). The reason I’m writing is to update what I’m seeing going forward, not to gloat over my recent market gains.

Today’s move to 2125.92 did not shake me out. I remained steadfastly bearish going forward this morning. It is the action of the market into the afternoon that had me realizing that we were going down a lot further than I had thought and now I’m thinking we go down to SPX 2056 by Wednesday, April 29, 2015. This date was mentioned on my weekend report.

I think the moves both up and down in the near future are going to get quite dramatic with the bulls having a slight edge. I believe it is going to be great for traders like me, but for the average buy and hold person not so much.

I drew up an hourly chart of the S&P 500 with all the Elliott Wave denotation as well as an explanation of the market cycles.

I keep saying: it is no longer a buy and hold market but….

Brad Gudgeon

Editor of The BluStar Market Timer

www.blustarmarkettimer.info

The BluStar Market Timer was rated #1 in the world by Timer Trac in 2014, competing with over 1600 market timers. This occurred despite what the author considered a very difficult year for him. Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The website is www.blustarmarkettimer.info To view the details more clearly, you may visit our free chart look at www.blustarcharts.weebly.com Copyright 2015. All Rights Reserved

Copyright 2015, BluStar Market Timer. All rights reserved.

Disclaimer: The above information is not intended as investment advice. Market timers can and do make mistakes. The above analysis is believed to be reliable, but we cannot be responsible for losses should they occur as a result of using this information. This article is intended for educational purposes only. Past performance is never a guarantee of future performance.

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