Avi recently reinforced his view that GLD has not bottomed yet.

Leading off a rant about how exogenous factors (such as the dollar, interest rates, inflation and deflation) have no real effect on the price of gold is Avi's view that GLD has not bottomed yet.

While I do not subscribe to his service, I glean from his public writings that he sees GLD bottoming in the $95-$105 range.   That was the case late 2014 and it still seems to be his view given this chart from his recent article.

If gold breaks down below the support at $1180, the odds of seeing Avi's "95-105" target go up in my book.  Keep in mind that if this happens then it will blow the EWI count out of the water and that would suggest that M+M become a very, very strong buy and hold for like a decade after the coming bottom is in.  Of course, you cannot hold something like JNUG for that long because of the time decay but GDXJ would be a good gamble for a long term "buy and forget" if we see it dip as low as $18.  I would, however. hold JNUG off the bottom of the GLD crash because percentage gains should be rapid and substantial.  We should be getting more clarity on this pretty soon but I'll repeat what I have written many times since Jan: this recent rally from GLD does not look motive to me.  Use stops on JNUG!

Below is Avi's recent model best as I can tell.