Email from EWI today
Since dropping violently in mid-April, gold and silver have moved slightly higher, but trended mostly sideways. Mostly, that is, until the past two trading sessions (May 9-10), as both metals have seen a sharp decline. As of midday today, Friday, May 10, gold was down more than 3% intraday.Hawaii Trading note----
Major pullbacks like today's are often followed by bounces, but as gold and silver threaten to breach the recent April lows, many investors have an important question in mind:
Are we in the early stages of a gold and silver bear market, or is downward pressure on the metals setting up another buying opportunity for the bulls?
On April 23, Robert Prechter published a new issue of The Elliott Wave Theorist that addresses that very question
During the runup to the first financial debacle in the 2006 2008 zone, EWI steadfastly and with the greatest conviction told members to sell silver at 12, and not to buy silver until "under 7". Hmmm....how did that work out for the poor muppets led by the newsletter sellers.
You can see how that turned out