BOTTOM LINE: It is highly likely that European stock indices have peaked for a 10%+ correction. For this view to hold, last Friday's levels should not be seen again. Also, gold and silver likely peaked too. I maintain that even if we do trade above Friday's levels, it will only slightly postpone a significant correction.
Below is a daily chart of the Financial Services ETF in the US. Further to my Thursday 15 October post, I believe this sector of the market has topped. My confidence in this call remains very high.
This is a daily chart of Silver. I believe that it has topped. There is a slight chance of a marginal new high, but I cannot see any sustainable upside. Downside risks are huge.
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