After peaking on or about 2/8, and commencing to consolidate, the past 8 trading days have had more of a correction appearance to them, as prices have been taking it on the chin.
For the most part, it’s been rather orderly, and volume has actually gotten lighter.
I’m looking for a couple of things now. If volume is going to remain light, or even get lighter, we need to see sideways action of a base being put in; or, and this would be more painful, a shake-out of remaining share holders, with a plunge on some pretty big volume that will just want to cause folks to swear off the metals and miners, and give up on them.
Either of these courses would make for a good reset, in order to get a truly meaningful rally to kick off. I’ll keep on watching, and waiting… and write it as I see it.