This did not happen. Instead, the model busted quickly (the way a good model should if the herd moves against it) per below. If the recent unicorn horn was B of 5 then we should now be moving 5 waves down to C of 5. These typically finish mid channel and then reverse in order to put in an inclining double bottom (very bullish) or they kiss the lower rail or they throw under the lower rail. And then the vee up. The do not dally around the bottom waiting for everyone to load up.
Zooming in, below is what it could look like. In short, one last big panic selloff where metals are worthless, dangerous, radioactive and otherwise generally undesirable.
To say I will be buying in this scenario would be a gross understatement. This would be the end of the 2011 bear market in metals and no doubt in oil and other commodities as well. This is where the establishment cries uncle and says no rate hikes until next year. When will it ever be a good time to crash the stock markets and the economy? That's when rate hikes will be a great idea.
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