Monitoring Developments

Doing my weekend reading and going through all the different perspectives people have on the precious metals market, not surprising that most arrows are pointing lower. All of which have different reasons; Elliot wave theory, triangle already broke, China slowing down purchases (not if you look at Y/Y and not Q/Q), yada yada yada.

Let's just clear out the noise and keep watching the next two series of charts. (steady Eddy chart on prior post)

I do hate to say this and think this because the short term pain is never enjoyable; but an alternate scenario that would take a little more downside pain could create the kind of spark we need to get the bulls to step their game up and create a big reversal off a 50$ downdraft move from this triangle.

Here's what it might look like...

We still have Steady Eddy on our side; but it's always good to be prepared for Mr. Market to mind **** you.