Click on Chart to EnlargeThe expected time and price movement for what may be wave C of an upward flat pattern may be completing today or any day now. If this is the case, and if the wave "v" of this last move up fails to exceed the high of wave "iii" then that indicated extreme weakness ahead.
-The first requirement after wave "v" completes will be for the red dashed trendline to be broken in less time than wave "v" took to form.
-Then the entire i-v move must be retraced in less time than it took to form.
-Then for further confirmation the trendline (not shown) from the beginning of the pattern to the low of wave B should be broken in less time than i-v took to form.
So while I don't know whether this is occurring, the pattern is reasonable and the expected move will be extremely large and fast. I would strongly suggest any long trading positions have a moderate to tight stop in place GTC at this point.
Also JO was exited at 63.75 this morning. I am watching silver/SLV for a short re-entry any day now. Also copper/JJC looks like it is set up for a new leg down.
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