We are getting mighty close to a point where the M+M could make their final plunge into AviVille, a place that I have been talking for months based on the GLD and HUI wave count of Avi Gilburt. A lower low than the September low that plays out in 5 waves is all that is needed from here. Maybe we complete the HT and if so that would be great but the lowest bounce point for this is probably the blue line in the model below. A fall below that means we are on final approach to a very significant bottom and in fact probably the bottom of the entire 2011 bear market in Metals and Miners.
I want to mention something that few if any in the financial press are talking around right now and that is the fact that Yellen is not the central banker to the US anymore, she is the central banker to the world. Unless she weakens the dollar by avoiding interest rate hikes she risks getting blamed on crashing the global economy.
If rates begin to rise in the US, what will happen to the economies of Canada, Australia and even the Euro itself? Forget the 3rd world shitholes out there. The other western nations are still looking to stimulate and the fed is going to raise rates?? It will cause capital flight and economic crashes the world over.
Yellen simply can't win. The best she can do is not to play. If, after all this time, Yellen cannot raise rates then we can be assured that the wave 2 bottom is in for pet rocks. If US congress takes power from Yellen then that is the beginning of the end of confidence in the dollar.
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