Stock Market Correction Near
According to my read, the stock market as measured by the S&P 500 is about to enter roughly a 12 to 13% correction. A few weeks ago, I wrote about the dates July 5th and November 29th as being possible important cycle lows for the stock market this year.
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The miners topped out short term on Gann cycle 16+1 Friday, June 10th. The next cycle low is due on June 20th. The 9/10 and 18/20 week cycles suggest that the miners will generally be on an upswing into early July, with a minor a-b-c pull back over the next week or so. GDX has TLC lows due June 22, 23 and 24, which will likely be secondary. The end of the month into early July should see some good upside action. July looks corrective overall.
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I hope there is a good pullback in the miners. I would love to add to my position, but I can't bring myself to do it here. Miners have gone up way too far, way too fast. I can imagine they will eventually experience a moment like WTI is now, where reality sets in and gravity abruptly and harshly pulls price down.