Market Review 5/4/2011 – GLD & SLV

May 4, 2011
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GLD and SLV have reversed at significant levels and have completed wave structures, which indicate that this could be a significant long term top (see Video from April 15, 2011).

While it is too early to tell whether this is a major top or just another consolidation, the current pattern certainly merits a great deal of caution on the long side, particularly given the recent mass exit in precious metal equities:

GLD Weekly Chart

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