The stock market showed a pulse near the close -- which is a plus.
So we could see a rally that lasts for several days.
Or a rally that lasts into the 4th of July.
Time will tell. As will volume and price. Those are the only three things that matter.
Prechter got all bearish again. Which suggests a small counter-trend rally is at hand. Perhaps.
The opening on Monday should be telling.
But I think we could go lots higher on Monday purely on short-covering.
That would be the extent of Primary 2's bullishness. Busting option premiums of the permabear's June puts, forcing shorts to rally, and getting the gold and silver bugs to go all in -- on margin.
That is what Primary 2 will do.
I am counting a completed five waves for Primary 1 down. A similar crash as seen in 2008 or 1987 or 1929.
So some selling pressure will be reduced.
Then the pancake collapse.
da bear
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jeffolie predicts...silver low coming
ReplyDeleteI predict silver will decline a lot by the end of October.
Maybe, silver may get as low as $7, but I doubt it.
I have been posting for a while now that the HOPELESSNESS will be a common feeling by the end of October.
Bullion banks such as JPMorgan have large short positions to unwind before the Fall elections put some hard money fans into CONgress.
Silver's industrial demand will be used to justify the decline as the EU's austerity lowers usage. EU's austerity will hurt China's GDP.
This will be a great buying opportunity.
I expect a pancake collapse but perhaps not yet.
ReplyDeletethe last bull is not yet in.
Jeffolie's summer of pain may come this year.
da bear