Pullback begins

[Will add a charts and some calculations tonight]

Recap & Stance:
We finally started seeing the pullback today, though volume remains light which is a good sign for the intermediate term bullish case. As has been our stance since the past couple of days, 27(+/-) turned out to be a cycle high and today we got a close (the first one, since 16th) below the hourly 20MA, first signs of that a 5-10% decline is in the works. Our next cycle turndate is around Apr8-10.

Trades:
As we wrote in our posts yesterday, we bought some TZA yesterday. We are out of the trade today by the close today for an ~8% gain, though we believe this market has more downside to travel in the next week. The 760 region should be a good first target. We must include a note of caution here - as per our ew labeling now, we could get a sharp (yes *sharper* than the last 2 weeks) of rise out of the next low. So, it would rather be advisable to not get caught with shorts positions.

We put on a silver and gold short trades, last week and are still holding it. Gold seems weaker than silver (a bit of a surprise to us), but nonetheless the next 2 weeks should be key in giving us a concrete direction, for the price is on the crux of so many moving average, 20, 50, 200 - you name it. We are still rooting for a quick burst to the down side.