Still No Clear Evidence Of A Bottom In Metals

While we are certainly in the region from which I can reasonably expect a bottom to be struck, I still have no clear indications that a bottom has indeed been struck.  I am seeking a clear 5-wave rally off a low, and none has become evident just yet.

Meanwhile, as I have noted in the alerts I posted in the trading room over the last day or so, GLD is still holding over its 208 region support, which has me on alert for a 5-wave rally to begin.  

Silver has now provided us with the positive divergence set up I normally like to see on the 144-minute MACD, so it also puts on me on alert for a potential 5-wave rally to begin.  Yet, I still do not see one clearly evident here as well.  

GDX also has no clear 5-wave rally off today’s low.  While I was going to give it the benefit of the doubt that a truncated bottom may have been struck if we saw a 5-wave rally through 34, all we got was a spike and reversal at 34, with no clear 5-wave move.

So, in summary, I still think it is wise to maintain a bit more patience, as lower can certainly be seen in the coming days before a low is finally confirmed.   But, I am going to remain on high alert for the next 5-wave move off a low to show itself.   Should I see that, I will certainly alert to what I am seeing.  Until then, lower remains more likely.