Consolidation MAY Just About Be Complete

There is not much more I am able to add to what I had written over the last few days, so I am going to keep this update quite simple. 

While the GDX has been consolidating in an amorphous high-level corrective structure for almost 3 weeks, the GLD and silver are just about completing a corrective flat structure for wave (2).  For this reason, I have a hard time suggesting that investors expect much more in the way of corrective downside to be seen before the wave (3) of wave 1 of wave iii takes hold.

For this reason, should we see a break out over the high seen this week, it would be a strong indication that wave (3) has begun, and we are on our way back to the August 2016 highs to complete wave 1 of wave iii in the complex.

GDX-8min
GDX-8min
GDXdaily
GDXdaily
GLD 8min
GLD 8min
GLDdaily
GLDdaily
silver144min
silver144min
Avi Gilburt is founder of ElliottWaveTrader.net.