The model above (falling wedge) is still intact, target price in the $10 range. If this happens, don't be like the panicking herd. Don't buy high and sell in a panic.
Folks, we are standing back out of the way in the light brush at the edge of the clearing. We have looked ahead into the future thanks to the EW principle and are now are sitting here patiently awaiting the arrival of the herd. By "we" I mean me and old painless. I think the odds are high that the herd runs right in front of my sights. This is all about odds and not about certainties but if this throws under the lower rail then I will certainly like my odds of going long M+M. Look for 5 waves down to complete from here that results in a lower low than w3 and that will be an eligible bottom of the 2011 metals bear.
Based on EW, what are the chances of this breaking out to the upside after the Fed event? Thanks!
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