We may get a 2-day pullback into Friday as we came close enough to 3,400 to warrant some early nervous selling at this level. Traders put up lots of orders at key resistance levels like this all time high. Expect a rally next week into an August 24th peak followed by a 2-3 day pullback and most likely a retest of the high into Labor Day weekend September 4th. The danger period is shaping up to be mid September into mid-October for stocks.
We wont short silver as it’s too undervalued, but we have a potential trade coming up after our daily cycle low in metals which we have targeted for August 21st/24th. Silver can reach $35 by mid September so it has our full attention.
We think gold will make a lower high on this bounce out of the daily cycle low. After that rebound, expect a full intermediate correction into October 3rd. There is a small chance of inversion and a high into this date based on some type of default on the COMEX or London bullion exchange, but barring that we think our forecast will be accurate. After this early October low, we will have a strong rally into January and ultimately May of 2021.
Once we get a break over $8, we should see $10 quickly. Remember - steel can move up in a down market. We have witnessed this many times before. Our cycle has a September peak for X.
We are watching August 24th for a possible sell date on our restaurant stocks and at the very latest September 4th. Many members have been emailing us saying they have their entire portfolio in BLMN and DENN - never a good idea. These are long term gems which will both be over $20 in our opinion at some point in the months ahead, but we may free up some capital for members and take profits in the near future. Long term investors need not follow our exits as higher prices await.
September is looking great for BTC. After August 24th, a real acceleration higher should occur.
SPCE is about to turn and is putting in a bottom. A first rally and bounce to $22 should be a 50% retracement of the recent decline. $40+ into November is our expectation.
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