[USLV] update

The last time I posted on USLV directly was in this post where the model chart below was provided:



But red 4 ended up retracing back into red 1 so this count is bust.  The new count below suggests that only 3 of 5 is in place.



So, longer term we could see one more lower low for metals and miners, a position that I have not abandoned by any means even while riding the profit wave up.  If this model is correct, USLV should see a new high soon.  I count the current wave as being at or nearly at 2 of C.  If this is correct, then we have 3 of C right ahead and as I have been telling people, I have been building a position in USLV in order to catch this wave. 

Wave 2 has filled the gap in wave 1 of C and did so in 3 waves.  My stops are now snugged up against this wave 2 bottom and I will not tolerate much if any more downside from here (20-30 cents maybe a bit more depending on how the waves look).  Bottom line is that this either needs to show me that a 3rd wave is unfolding soon or I become very disinterested very fast.  I do not "believe" in silver.  That is for fools.  I know that it will never BK but I also know that the price has been $5 / OZT before.  I do believe in the movement of herds and in the predictive power (as well as the power to tell me when I predicted wrongly) of Elliott waves.

Keeping one's emotions in check is probably the most difficult part of this game.  When emotions are running the show, discipline is out the door.