[USLV] update

At the backlink I provided the model below with the commentary that we were at a critical juncture in that 3 waves up had been put in and so this was either going to be a C wave leading to one more wave down (Avi's model) OR it would put in 5 more waves up to form a motive wave which would be more in line with EWI's model.



The subsequent action showed that one more impulse occurred thus turning the whole thing into an impulse up from my commodities bottoming call which was based on the silver chart.  That means it is either 1 or A with the recent pullback likely being 2 or B that is done falling or will be done in a day or two.  The first real indication that another impulse is playing out would be a break out of the top rail and then subsequent back test and then a powerful move higher as shown in red below.

In the model below I've re-numbered the top level count to the more conservative WX centric version in order to point out that one more motive wave up does not necessarily mean the bull in M+M has begun.  It could simply be counted as a 3 wave move to the level of the prior 4th...  This view is aided by the GOE style pull back that just occurred.  GOEs often behave like HT - they are penultimate.

Top level models are all great and stuff but you will never go far wrong if you putt for dough.