Is It FOMO Time?

Over the weekend, I noted that I was looking lower in the metals and miners.  I also noted that I may have to treat the next lower lows as the final lows due to a “fear of missing out” if my count is off by one wave degree.  So, now that silver and GDX have dropped to lower levels, do I feel the same way?

Well, the answer is yes and no.  To be honest, the GDX seems to just be completing its wave v of 3 and just catching up to the GLD which has potentially completed it 3rd wave lower already.  So, without GLD making lower lows as well, it tells me that we don’t likely have a true bottom in place yet.

However, I do want to note that I did take the opportunity to buy some more long term positions in miners, as well as buy some silver, especially with silver hitting the top of my long term target.  As with most of my buying, I have already pre-set levels at which I was going to buy the metals, and they sit with my broker – Doug Eberhardt - whom I highly suggest and is listed in our weekend updates .  My next buying will be done in the 13 region. 

So, as I have been saying, I am looking for us to be moving into long term buying opportunities.  But, based upon GLD, it makes this bottom not likely as the final bottom.  However, as a long term investor in the metals, with a horizon in excess of a decade, I believe that buying lower lows is advisable, even though I still think lower lows can be seen.  We can always hedge those positions when we see the next corrective rally.

GDX
GDX
GLDdaily
GLDdaily
silver daily
silver daily
Avi Gilburt is founder of ElliottWaveTrader.net.