Almost immediately after that post, it began to tank as shown and I thought "well, we have our answer" and went about my day. I'm just checking it how and I see that it only went down in 3 waves and actually came up to a higher high in 5 waves.
So this is now very much like RUSL. It could be an a-b-c (5-3-5) to form that 4th wave OR is could be wave 1 up and then 2 down and then 1 of 3 up. If the former then it will gap down and go to a lower low tomorrow. If the latter it will gap up.
Because my top level model says that this is going to bottom soon anyhow, I addressed this situation by buying a 1/3 position in the extended trade at $7.70 just now. If it does anything but head up from the open tomorrow then I will dump it first and ask questions later. But I'm beginning to worry about missing out on the explosive upside here so it makes sense to risk a 1/3 position at this time.
However, I know that it is a risk. In fact I do hope that this turns down to a lower low because I want a chance to load the boat in the 5s if that is where the herd is going to take this per the model above. But let there be no doubt: whether the bottom comes at $6 or $5, the miners have gotten the crap beaten out of them and when the bounce comes, and it will come, the upside is going to be massive.
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