We think the reason for this corrective behavior is the weak economy forecast in the beginning of the year, and if we see improvement in the second half IWM should improve a bit but may bet setting up for another run in 2015. As for the end of July, we expect to see the market rally a bit more and by early August we should test the 203 area on SPY forecast at the beginning of 2014. Given the overall sentiment in gold, these patterns plus the fact that my accumulation models on gold are very close to two-year highs, keeps me very excited about prospects for the metals.
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