Loading ...PMs
Back in late 2020, I posted several warnings right here that my chart system was issuing VLT sell alerts.
Looking back, those marked the highs for GDX that still stand today.
A repeat of those alerts appeared in April 2022. Those marked reaction highs.
I’ve now gotten two more over May and June.
Last week, in response to Columbia’s post for SLV, I indicated that my work was not aligning with its super bullish outlook. In fact, privately I’ve been warning of serious trouble, soon or sooner.
At this point, I can’t offer a roadmap because I have yet to see an EW structure that fits what I see off MY work. Most EW folks (but not all) have not backed off their bullish views, but none are bullish here, right now. They’ve been waiting for completion of a correction.
However, based on the history of these technical alerts (measured at higher time frames), I have to question bullish even anytime SOON.
From what I’m seeing, and converting that into EW, the optimist might say this:
A new bull has started, as W1 up, now done.
But now a deep correction for W2 is underway, that will retrace a large fib percent of this rally.
Enough to cause plenty to capitulate.
I’ve also seen really bearish calls, but not for the immediate future but more in a timeframe for when this mega bubble implodes (next winter?)
Thanks – always appreciate your view.
Hadik is looking for a bottom this week and a high in about a month or so. A new rally high in the metals followed by another collapse would scare more than a few bulls.
A new rally high would NOT surprise me.
“followed by another collapse” has to be my primary expectation at this point.
Larry Williams a real market vet of near 50 years thinks gold is done until later this year. So maybe a large trading range in Gold $2100 give or take to $2500 or so. I think we go higher in the longer term.