Are Metals Starting To Crack?

At this point in time, I am starting to see a bit more evidence that we may have a b-wave top in place in both GDX and GLD at this time.  While not the most clear and convincing evidence just yet, we may be starting the wave 1 down in their respective c-waves. While the respective 2nd waves in that wave 1 is quite shallow in both, it does leave some questions about that micro count.  But, that is why I have reiterated that we need that larger degree 1-2 in place to make it a higher likelihood that the c-wave is in progress and it is not advisable to do any shorting in these charts until that set up is in place.

As far as silver is concerned, we have further overlap up here and we may still get one more push higher towards the 38 region before we finally get that bigger pullback I still think we will see. But, again, I am going to caution that we need to see a break down below 35.46 to confirm that the pullback is likely underway.  

So, for now, there is still not much I am suggesting to be done, as there is no strong evidence suggesting that we should be aggressively going long right now, nor do we have a set up to consider shorting for a c-wave decline.  So, still patiently waiting for the next opportunity in the complex, which I still think will be lower.