Loading ...PM Sector Move??
Although EW wave count was forecasting this move I could not find any other indicators which caused this violent move.
Except one Libor 3 to 3 month Bill ratio just dip below the support line and TED spread went down. All other rates are within its range.
From this low 1167 now there should be a multi week trend change.
Dreaded cycle wave b???
IF December Comex CLOSES the week ABOVE 1185 it is my opinion that the selling has, at a minimum, exhausted itself.
However, that is a long way from calling a final bottom and the beginning of an uptrend at any time sequence – short-term or intermediate.
Sounds about right.
I was PM bearish … and have been for a long while … but even I was skeptical of HZ Jensen’s call for uber lows (and we’re not there yet).
But this move was more intense than I expected.
So now I have to give consideration to the coming bounce being a wave 2 ahead of more (maybe much more) downside.
Rather than a wave 4 ahead of wave 5 down and final lows. That prospect now seems remote.