In conclusion, I still believe we have lower levels to achieve before this long-term correction has completed, especially in the metals. GLD and silver seem rather clear that their patterns have not yet been completed, but GDX has some potential for a bottom being in place. Yet, as long as we remain below the 15 level, I must maintain an expectation for an extended 5th wave down towards 9.65 before a final bottom has been struck in the GDX. http://www.321gold.com/editorials/gilburt/gilburt020416.html