True Strength Index (TSI): Gold, Silver and Miners Update

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Now that gold has taken a well deserved breather, the silver parabolic has popped and the miners have shrugged their shoulders for the past 4 weeks (as though not interested in the slightest with the excitement of their volatile mentors), I think this is a good time to review how the True Strength Index (TSI) indicator has performed recently and see what it is telling us about what comes next.
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Before we begin that review, let me acknowledge that I really do not know if the C-wave for gold is over.  If it is not, perhaps the miners will finally get off the bench and run onto the field.  But silver, in my opinion, has popped and I cannot fathom another immediate parabolic rise for it. Certainly it should retrace some of its fall soon, but I doubt it makes more than a full retrace to near $50.
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I also wish to acknowledge that not only am I human, but that the TSI indicator is a "far better man than I". As we will discover, it performed its job of calling the buy and sell trades with uncanny accuracy. And I cannot say the same of myself, by a long shot.
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Let's get started with a look at the weekly chart for that little trouble maker, silver. 
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Click on any chart to ENLARGE
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The top portion of the graphic is the chart I posted on Sunday April 10. The bottom portion is a look at weekly silver from today's vantage point.
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When I wrote this post I was trying to figure out how much longer until the silver parabolic would explode. Using the TSI readings at previous silver parabolic highs as my guide I extrapolated that the 2011 parabolic would explode when the TSI reached approximately .90 and in a range of 3-5 weeks from April 10th.
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The lower portion of the chart shows that indeed, the TSI peaked with a reading of .91 after 3 full weeks.  The TSI nailed it and to tell you the truth, I did not even notice. I was not paying attention. Go figure.
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Scorecard:  TSI 1  John 0

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Now let's see about the daily chart of silver. The top portion of this graphic was posted along with my dialog regarding pre-market activity on Monday April 25th. I dutifully noted the exhaustion gap on the 1 hour view of silver's activity and the possible reversal candle in progress on the daily chart.
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The True Strength Index performed beautifully with a precision timed trend line break SELL signal AND delivered a negative divergence SELL signal as a bonus.
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The lower portion of the graphic is today's view of the rocket ride. The four hour chart on the left side gave us 3 clear SELL signals before the real carnage began. The daily chart on the right gave us 2 excellent trend line break SELL signals in addition to the obvious negative divergence signal.
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Hey, it does not get any better than that. I mean, unless this indicator has the ability to just place the trades for me, what more could I possibly ask for?
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Over the years I have studied these TSI setups for hundreds, if not thousands, of hours. So when I saw this in real time, I knew what I was looking at.
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But curiously, I did nothing. Not that there was much to do because I had already sold out my positions. But I guess I could have shorted silver, or something.
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Scorecard update:  TSI 2  John 0

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Well, let's see what was going on with gold as the silver show took center stage. The top portion of this graphic of weekly gold was presented with my post of April 10th. Here again I was trying to assess the TSI data which included all previous C-wave tops and see if I could find some clues for when and how the current gold C-wave would conclude.
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Four of six previous C-waves concluded with a weekly TSI reading of .80 or higher.  Good evidence, but not conclusive. All six C-waves did conclude with a trend line break of the TSI indicator, but I presumed that was kind of a given.
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The lower portion of the weekly gold graphic shows that gold's TSI reading did top above .80 last week (.84) and that gold came tumbling down with a trend line break of the TSI indicator.
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Also, it is notable that most sky high "nose bleed" TSI readings result in a complete break down in price. (See blue rectangles for examples). But price does not always break down, as you can see.
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For now I can say that the TSI is falling and above ZERO - and that, by the definition of how the indicator works, means price is either consolidating sideways or falling.  Clearly price is falling of late.
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However, any time the TSI turns up when reading above ZERO, it means that price is absolutely rising. It is indeed possible, if not likely, that after such a vicious sell-off price will rise and, of course, the TSI will rise as well. It's something to keep an eye on going forward as a BUY signal.
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Scorecard for this round was a draw.  Now the score is:  TSI 2 John 0 Draw 1
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And finally a look at those fast asleep miners. The top portion of this graphic was published with my post on Monday April 18. I noted the timely TSI BUY and SELL signals of previous trend line breaks and eagerly looked forward to a HUI performance to equal that of 2008, if not rival that of 2006. The TSI showed that we were, on April 18th, on a SELL signal and I surmised that the BUY signal would take its turn at the plate next.
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Well, guess what? The TSI has still not given us a BUY signal. And looking at price movement since that date I'm kinda glad it didn't.  Score another TSI point for keeping us out of miners and one point for my following directions (for a change).
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Final Score: TSI 3  John 1  Draw 1
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Now here is the situation with the miners. When the TSI is as deep below ZERO as it is now, a trend line break with some measure of consequence is not necessarily imminent.  But at present something close to 95% of all miners have a current TSI reading that is BELOW ZERO. That is incredibly oversold and mark my words, you will get a bounce in this situation. But as I attempted to show with the use of blue rectangles in the lower portion of the graphic, a bounce does not necessarily mean a rally. It can just as easily mean a bounce and more downside and pain. Hopefully the green trend line I have drawn is decisively broken by the end of the week. Even better if the TSI then rises and makes a ZERO crossover into positive readings.
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So the TSI beat me 3 - 1. That's both disappointing and encouraging. Disappointing because I realize my experience has not yet caught up with my knowledge. But encouraging because I am positive I have a great trading tool I can get better at both understanding and using for trading success. And I will do all that I can to help others use it, too.