Do Not Feed The Bears – Until 2018

Back on July 15th, the title to my weekend update to members of my market analysis service was ‘Market Will Likely Top Within The Next Three Weeks.’ My initial target region for this top was between 2487-2500SPX. One of the factors I considered in my timing for this potential top was Luke Miller’s Bayesian Timing model, which was looking for a top to our wave (3) on August 9th. And, as we know, the market topped on August 8th at 2491SPX, and we seem to have begun the multi-month pullback/consolidation we have been expecting.
For those old enough to remember, Ranger Smith of the ‘Yogi Bear’ cartoon used to constantly tell visitors at Jellystone Park not to feed bears. So, consider me your Ranger Smith.
You see, people can’t help themselves but be bearish. In fact, it seems we are genetically predisposed to being bearish, as the following article explains:

This post was published at GoldSeek on 23 August 2017.