GLD Is This Wave 4?
The dramatic selloff in precious metals this week marks the end of a possible wave 3 of an impulsive wave. Silver looks much worse but thus far is holding above a supposed Wave 1. The alternative view, held by many, is that the recent rallies in PMs was a B wave in a corrective phase and much lower gold and silver prices are to come. WIll be watching silver closely for clues.
Stochastics are falling for both metals especially on the weekly and monthly views. Things do not look good. There is nowhere to hide in this upcoming wealth destruction phase. Not shorting the market but squirreling up cash for signs of a bottom in both metals. With gold silver ratio breaking to 104 today. Silver has to be the most unloved asset ever.
Stochastics are falling for both metals especially on the weekly and monthly views. Things do not look good. There is nowhere to hide in this upcoming wealth destruction phase. Not shorting the market but squirreling up cash for signs of a bottom in both metals. With gold silver ratio breaking to 104 today. Silver has to be the most unloved asset ever.
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