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Correction Almost Completed

Wednesday, October 12, 2016 7:34
% of readers think this story is Fact. Add your two cents. / By Avi Gilburt / Wednesday, 12 October 2016 

First published Sat Oct 8 for members:  I am going to begin this update with a very simple proposition:  get your shopping list in gear, as the time to buy is upon us.

Last weekend, I noted the following:

As far as the actual charts are concerned, I still see nothing that suggests this correction has run its course. Yet, every time the market provides even the slightest rally, many in the market begin getting overly bullish.  Yet, many of the sentiment readings I have been seeing in the metals are dropping to levels approaching that which can propel us into the heart of the 3rd wave higher.  But, I still think there is room lower in those sentiment readings before a final bottom is struck.

As far as immediate support levels to watch, last week’s low in GDX and silver are quite important to the continuation of the b-wave triangle.  But, ultimately, the line in the sand for me resides at 123.75 in GLD, 25.35 in GDX, and 18.60 in silver.  A break below these levels provide us with a high probability signal that we are within our final drop to complete this correction in the metals complex.  But, as long as we remain over those levels, we may continue to see whipsaw before those final lows are struck in the coming weeks.

The market resoundingly broke all those levels as we have been expecting, and dropped in the heart of a 3rd wave in the c-wave down this past week. And, when the market completes the heart of a 3rd wave in a c-wave down, it tells us that what remains in this correction are only 4th and 5th micro waves.  That is what we view as a bottoming process, wherein the market develops the positive divergences we need to see at lower lows to set us up for the next rally phase.  But, it also represents the point in time when most begin to really turn bearish the complex, and begin to believe that we will break below the January 2016 lows.  Bearish sentiment will likely be extreme, and that is further confirmation of the bottoming process we want to see.


The post Correction Almost Completed appeared first on Silver For The People.


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