I think the SLV put in a major top today which is probably wave B of an expanded flat correction. SLV opened above the upper 3 SD 20 day Bollinger band and reversed powerfully to close below the upper 2 SD 20 day Bollinger band. Wave B reached the maximum level seen for an expanded flat at 1.65 x wave A, just a little more than a fibonacci 1.618. Wave C down should terminate below the October 2008 low.
The Euro has probably topped as of 11/4 with a confirmed MACD hook sell signal yesterday. Stocks should follow the lead of the Euro and precious metals. The only question is what degree the pullback/correction will be: wave 4, wave ii of 3, or wave C. There's no way to know but the first real support will be the 50dema.
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