Nothing about the action since that model was posted changes anything. In fact, this could be winding up for a big gap down coincident with a big sell off from the broader markets. This is in direct contradiction to what EWI thinks.
We will find out very very soon but I have two word for anyone with brains to pay attention to: USE STOPS. JNUG is dangerous until it can break out that resistance line with gusto.
If this breaks down from here then it will be a wave 5 playing out and we could really see some capitulation pricing in the juniors. Longer term, this would be the very best thing that could happen to metals and miners because it would likely mean that Avi's model is correct and Avi's model says that gold and miners enter a massive bull market (as in longer than a decade) after GLD bottoms at 95-105. What he's really saying is that the US finally begins to see massive inflation. I'm not sure how to reconcile the fact that credit is still peaking with an inflationary statement like that. By all rights, one would think that the credit bubble popping would be deflationary. But I have learned to trust the wave count more than logic since the true fundamentals are unknown and unknowable IMO.
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