To repeat, the PM stocks are in a bear market. It began last August. Proper analysis of the price action made this apparent a while back. It appears to me that the psychology is in transition from Phase II into Phase III which ultimately entails capitulation. Certainly I feel confident saying this about the silver stocks. Gold stocks are still a bit behind silver’s transition. My recommendation which was delivered 2 weeks ago was to watch this safely from the sidelines. It will end and maintaining your mental state is essential to be able to jump in near the bottom.
What’s interesting to me is that some of the better E Woofers seem to be calling for an interim high soon, then a sizable correction ahead of further new highs to close out the run from 2009.
This ‘fits’ my work although other scenarios might too. If so, this gets more turbulent but drags out longer as well. The death rattle.
I’ve weighed in on PMs frequently. Won’t rehash that.
Re base metals, what’s interesting is that I am closely monitoring an upcoming IT buy setup on UYM.
But its in a similar config to where the PM complex was a month ago, that failed. I’ll followup in due time.
And for those who can’t read EW, it will not only close out the run from 2009, but from much further back in time, presumably 1982 or perhaps even 1932. I don’t have his VLT count. That’s what 5 of 5’s mean.
To repeat, the PM stocks are in a bear market. It began last August. Proper analysis of the price action made this apparent a while back. It appears to me that the psychology is in transition from Phase II into Phase III which ultimately entails capitulation. Certainly I feel confident saying this about the silver stocks. Gold stocks are still a bit behind silver’s transition. My recommendation which was delivered 2 weeks ago was to watch this safely from the sidelines. It will end and maintaining your mental state is essential to be able to jump in near the bottom.
I’m 100% in this camp with you. Glad to be sitting this one out. Other commodities are getting crushed hard too, best to sit on the sidelines.
What’s interesting to me is that some of the better E Woofers seem to be calling for an interim high soon, then a sizable correction ahead of further new highs to close out the run from 2009.
This ‘fits’ my work although other scenarios might too. If so, this gets more turbulent but drags out longer as well. The death rattle.
I’ve weighed in on PMs frequently. Won’t rehash that.
Re base metals, what’s interesting is that I am closely monitoring an upcoming IT buy setup on UYM.
But its in a similar config to where the PM complex was a month ago, that failed. I’ll followup in due time.
Here’s a visual on what I mean above
https://marscapitalpartners.com/wp-content/uploads/2021/07/SPX.XO-Primary-Analysis-Jul-05-1527-PM-1-week-980×471.png
And for those who can’t read EW, it will not only close out the run from 2009, but from much further back in time, presumably 1982 or perhaps even 1932. I don’t have his VLT count. That’s what 5 of 5’s mean.