As usual I am early in my positioning. However, on the plus side I see the bigger picture developing and the timing has also become clear.
For markets and precious metals watch:
July 21 +/- 1 day - Top
Aug 10 +/- 1 day - Bottom
When it comes to the markets there are no forks in the road. The price will only go in one direction. It can never go one way or the other. Symmetrical analysis will show which direction is correct. The symmetry shows clearly that Silver and Gold are nearing tops with severe declines to follow.
Bearish sentiments for Gold will be allieviated to some extent by the current grind up.
I see Gold is very close to topping out so I will keep my full short position in place for Gold and wait.
Silver does have a little upside, and I will probably make some short term trades to better position. It was a little early entry, and can do better.
There is certainly nothing wrong with just staying focused on the bigger picture, and wait for the bottom around August 10th. Re-positioning may be advantageous, but is tricky and is not necessary either.
Close up view.
I'll cover Silver shorts at point 9, and can go long there (or just sit in cash) to point 10 around July 21st. Dancing with a cobra...