Recall in my previous Phase III writings, I mentioned Phase III is characterized by spiky short squeezes and not bear market rallies (BMR’s). As this market grinds along it seems to me that if we do not get a continuation of the uptrend here we are set up for this. Note that this current uptrend since late May has certainly lacked the juice of all the BMRs of this bear market. Even when compared with the weakest BMR #3 of Dec-Mar 2014. Maybe this is the PM sector finally running out of gas. Psychologically speaking I think the PM faithful is now positioned to “give it up” if we get a violation of the lows of last december. That’s still a long way down there, but I think it is possible to visualize this happening. So maybe what we have here is a truncated attempt at another BMR. The last BMR before the phase III. Note the following thoughtful interview. As a minimum listen to the last segment starting at minute 26:00. This is a very bearish outlook from an objective analyst. This could be the backdrop of the fall.