Lovely action in overnight metals markets.

The sellers have emerged again overnight as metals plunged yet again on yet no discernible related news.  Maybe that's because news doesn't really control the share price of assets like most people think it does.

In any case, we rapidly approach the target price grid for gold that was laid out by Avi in the post linked to by Economati here.  Again, target prices are nice but the wave count is what matters.  Target prices are useful if called in advance so that nobody is surprised if the wave count makes it that high or low.  But it is the structure of the waves that defines when an impulse or correction is ready to reverse.





Patience, dear JNUG fans.  Just a little more patience.  Just a few more days now and the herd will most likely burst out of the dense underbrush into the open clearing and run right in front of my (our?) cross hairs.  If this plays out as expected, I won't even have to move the gun; all I will have to do is calmly and methodically pull the trigger at the right time as the panicking herd runs in front of my sights.  I'll probably do it in 3-5 bursts over a short period of time in order to ensure that I get a good average price.  When gold gets down to $1100 we should check the JNUG count closely to see if a full 5 of 5 can be counted.  Miners might bottom before the metal actually does.  That kind of divergence would be a big clue that a significant bottom for metals is near.