PAAS update and a warning to metals and miners buyers

In my previous update on Pan American Silver, (which I claimed was an "extremely critical" juncture for metals and miners), I wrote, "We must also beware the ending diagonal finish for wave 2.  While I currently do not see this as the highest odds count, that mess in the middle could be a complex a-b-c and we could begin turning down tomorrow with the broader markets.  Again, a fall below $13 is probably enough to make me hit the sidelines on this trade.  We should know pretty quickly which is why I consider this an important time to pay extra close attention to metals and miners."

I wrote that on April 9th after markets closed. The very next day, PASS began to sell off.  In fact, it went on to finish 5 clear waves down into blue 1 as shown below.  I wish there was some way to model this as an ending diagonal but that possibility was recently blown away by the presence of a lower low labeled "uh oh" in the chart below.

Because of that, the recent spike was wave 2 and now we are working on not just a 3rd wave down, but the 3rd of a 3rd and that means gap down city is likely for metals and miners.

So now I think that M+M could very well see a few more months of selling such that PAAS forms a double bottom as shown.  In other words, this chart suggests that M+M will initially dip with the broader markets and then M+M should recover while the broader markets keep going down.  Way down.