[ASA] update: if you are not into the miners, buy any dip.

In the backlink I provided a model which suggested that you should wait for a pullback to the 38.2 fib since I had counted 5 up and now we needed 3 back.   Here is the model I provided with target price of roughly 11.25:



On Friday the pullback did express itself per the model and then the reversal was very rapid.  There is about a 20% chance that the chart could be trying to get tricky here with green 1 really only being w3 with green 2 thus being wave 4 of 1 and then Monday a double top since wave 5 would be the size of red 1.  That is not my primary model but I wanted to mention it first so that people can be sure to BOLO for it.  If this alternate model hits, the move up on Monday will likely be slow. 

On the other hand, if the primary model shown in green below hits then we should not be at all surprised to see a gap up and then a rapid move up as the rest of blue 3 plays out.

While there are many good reasons why I think this model will very likely play out I also want to caution that blue 3 could also be blue C.  So I will likely bail out after green 5 not to try to grub the 4th wave pull back out of the trade but rather to eliminate risk that it was C instead of 3.  Once it bottoms into blue 4 with a-b-c then buy back in with tight stops and just ride out blue 5.