Caught Another Metals Turn

For those that have been following closely, we caught the bottom in the lower low we were expecting in silver this week.  In fact, on July 25^th, I outlined the following in an alert to our full-time members at 9:40PM (for which you can see the chart below):

“Based upon the rally off the low, the alternative count is looking much better in silver.”

And, then on July 29^th at 1:14PM, I posted the following alert:

“With one more micro lower low or not . . I really do not care at this point.   We are now full to the downside in silver.  Now, be on the lookout for an impulsive move over the wave (iv) high, and we have an initial signal that silver as bottomed in wave 2.”

And, as I am writing this update on Wednesday evening, the market seems to be in progress for completing the minimum waves needed to call it an initial 5 waves up off that low.  But, please take a moment and zoom out and recognize that this is likely only wave [i] of i of 3, which can be seen on the 144-minute chart.  But, if we see a bit higher in this move over the coming days, then do not assume that we will certainly see that next i-ii, as it is within reason that this could be all of the i-ii we see before silver begins to explode to the upside.

So, as long as the next pullback is clearly corrective, it seems to be time to be looking higher over the coming months for the triggering of the heart of a 3^rd wave in silver.

However, gold seems to count a bit differently on this rally, as I only have us as completing wave [3] of wave 1, which can be seen on the attached 8-minute GC chart.  So, do not be surprised if silver also provides us more of an extension alongside gold.

GDX seems a bit more complex, as the initial move off the low was a relatively clear 3-wave structure. So, I have to assume that wave [i] of 3 is taking shape as a leading diagonal.  And, as with gold, it would seem we can see another iv-v before this 5-wave structure completes.  So, I am going to give this a bit more room in the coming days.

So, in summary, it would seem that we are really close to completing 5 waves up off the recent corrective low in these three charts.  Should we see these 5-wave structures complete, please realize that all pullbacks will be buying opportunities for what will likely be a very strong rally in the last half of 2024.