Metals and miners are roughly 9-trading days into this bounce off the October 7th lows. That satisfies the requirements for a rebound. I'd like to see prices start moving lower soon. If prices continue rising into next week, I will be forced to reevaluate the October 7th low as potentially the intermediate cycle low.

The Yen has further to drop before finding a meaningful bottom; that should keep pressure on precious metals.

-US DOLLAR- After a few days of consolidation the dollar is moving higher once again. It may try and push its way back to the 100 level in the coming weeks.

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-JAPANESE YEN- The Yen has traded hand-in-hand with gold prices since the 2008 financial crisis. The 20/50 EMA's are very close to producing a bearish crossover, and that should keep pressure on gold. The temporary bounce higher may be complete, especially if we see prices follow-through lower tomorrow.

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-GOLD- Ideally, if prices are going to drop into one more low they will top around here and begin falling.

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-SILVER- If this is the top of the 4th wave I would expect prices to start the drop lower immediately.

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-GDX- I'd like to see this bounce in prices terminate soon. Much higher and I'll begin to question the validity of another leg lower.

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-GDXJ- Same with juniors, if prices are going lower, they need to start dropping soon.

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-SPY- Prices still look poised for a drop below the 211 support level. Like gold and silver, if they are going to drop, they should begin doing so shortly.

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-WTIC- Oil prices made a price swing today and may have topped at $52.22. A close tomorrow below the 10-day EMA will support an interim top.

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The next few trading days are critical to our one-more-drop theory; I'd like to see prices start edging lower.