Market Analysis for May 8th, 2020

I assure you, it is not that I am a metals/miners Grinch, I am in fact VERY bullish. I just remain open to more consolidation. I also think that a little bit more consolidation keeps the door open to larger magnitude and longer sustained moves in the months & years to come.

Despite the move up in GC & SI attempting to pivot into breakouts in a messy way, there still exists decent potential to test support a bit lower. GC can count as the (b) of blue y as discussed while SI if not done with 2 would count better now as an alt b.

While GDX hangs out near the highs refusing to get much more consolidation yet the structure still suggest to me that it might be trying to form a "local" top. There are individual names that count better for continuing more immediately higher from a more nested count but I see many names with serious flaws in that impulsive structure that count much better as the LD for a larger wave one off the March lows. 33.40s and 31.30s are the first immediate support levels that should they break would suggest at least SOME additional consolidation.

Remember we place targets for retraces based on the typical rules/guidelines for EW, but we adapt to what the charts show us in real time.

Much beyond the 36s in GDX and it is hard to still count that as just wave one, so at that point the nested green path REALLY should take over with no breaks of the 33 region any longer and continue more directly toward 38+.

I would love to see a nice high flat in HUI.X hold the 38.2% retrace region ~223 and the BLASTOFF. A similar high flat to ~71 in TXGM would be equally fantastic. If we don't get it though we will use our dry powder to add more confirmed breakouts.

QSI# - Primary Analysis - May-08 0837 AM (1 hour)
QSI# - Primary Analysis - May-08 0837 AM (1 hour)
QGC# - Primary Analysis - May-08 0836 AM (30 min)
QGC# - Primary Analysis - May-08 0836 AM (30 min)
QGC# - BIG Macro - May-08 0836 AM (4 hour)
QGC# - BIG Macro - May-08 0836 AM (4 hour)
GDX - BIG Macro - May-08 0843 AM (15 min)
GDX - BIG Macro - May-08 0843 AM (15 min)
GDX - BIG Macro - May-08 0847 AM (1 day)
GDX - BIG Macro - May-08 0847 AM (1 day)
HUI.X - Macro Clean - May-08 0848 AM (1 hour)
HUI.X - Macro Clean - May-08 0848 AM (1 hour)
HUI.X - Macro Clean - May-08 0848 AM (3 day)
HUI.X - Macro Clean - May-08 0848 AM (3 day)
C.TXGM.X - Primary Analysis - May-08 0849 AM (2 hour)
C.TXGM.X - Primary Analysis - May-08 0849 AM (2 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.