A viable bearish outlook

Despite the Greeks voting for a more determined group of socialists (or should that be communists?)... the capital markets were calm. The precious metals naturally cooled, with Gold and Silver settling -1.0% and -2.2% respectively. There is a high likelihood a mid term multi-week cycle top is in.


GLD, daily

SLV, daily

Summary

Suffice to say... interesting start to the week. There is plenty of chatter out there about much stronger weakness after the next FOMC announcement this Wed' afternoon.
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The following is a 'best downside case' for the metal bears into the late summer/early autumn.

GLD, weekly'3 - count, with fibs

The scenario is linked to the ECM theory by Armstrong. Mr A' never deals in wave counts (at least that I know of). If a 5 wave count down to Sept/Oct is correct, it is going to be one hell of a buying level... including the miners.