positions are not a timing indicator.
The price could hover here or even drop a bit more before rallying.
Typically, when things get this pessimistic, once a rally starts it typically lasts for at least a few weeks.
While the price could be entering a major up wave if it breaks out of the current patterns, I will deal with that as it unfolds.
Right now I am primarily concerned with the evidence pointing to a short-term pop with the next weeks.
For a longer-term major upwave to unfold I would also want to see SIL and GDX start to rally aggressively, as well as gold . If GDX and SIL (the miners) don't join the party, then the rally is likely to be short lived.
I am long.