news.goldseek.com / By Avi Gilburt / 23 November 2016
First published Sat Nov 19 for members: Two weeks ago, I noted that we had a completed pattern to the downside in the equity market and it was time for the equity market bulls to step up. And, boy, did they ever. Now, it is time for the metals bulls to do the same. But, it seems I cannot find them.
Last weekend, I noted that the bulls have gone into hiding. This past week, they were scared even further into their shell. Yes, bullish sentiment in the complex has dropped to almost nothing. For those that review market sentiment readings, you will know that we have almost no bulls left in this market, or at least bulls who are willing to admit it. That is often a strong indication that we are bottoming, and not collapsing.
I also noted in my last weekend report that, if our pattern was going to hold for potential bottoming in the complex, we would need to see a “bounce” early in the week, which would then likely lead to a lower low later in the week. The market has followed through quite nicely