Thursday, May 5, 2011
5/5 Daily Commentary
I had counted silver as in wave 5 with a decline below 39. The last wave subdivided all the way down to 34.25. I have to change the count to wave (iii) in progress and wave (iv) imminent. This change recognizes the extreme decline that is the hallmark of wave 3's. A bounce to 40 would be a good opportunity to short again.