As of Friday we pretty much exactly hit my price target for a bottom and the wave count looks right as well. This turned out to be a wedge so it is 3-3-3-3-3 internally. We had the throw under at the lower rail and are now kissing it from below. A small upward move would break above both the bottom and top rail of the falling wedge to indicate the next wave up is in progress.
However another small 5 wave move down to $5.80 is not off the table to finish W3 yet.
If this model is correct, the move up will be limited to 3 wave which will probably be limited to the 38.2 fib retracement. If that occurs then one more motive wave down would be expected as shown. In this case, wave 5 should finish up around $5.
Folks, if we are lucky enough to see this perfect of a setup, I can tell you that I will be set up on the edge of the clearing with dual .50 cal cannons waiting for the herd to walk into my sights. I will be on the juniors with all the margin I can get with very tight stops.
If this move happens per the model, this very, very likely (95% odds) will be the low, the final bottom, of the 2011 bear market in precious metals. The miners are clearly in a great depression right now. Barrick was at $56 during the 2011 peak in gold. Now it's $6.42. That's an 88.5% collapse in price. Sure it could go lower but you will not go far wrong beginning to accumulate at this price.
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