Consolidation/Pullback In Progress

The market is simply grinding near the highs we have recently struck, and, thus far, has been quite stingy during this pullback.  But, I have a hard time believing it is over.   

In truth, when the metals begin to rally, I have no problem accepting the fact that we see a shallow retracement.  But, I don’t think we have seen enough of a consolidation to consider this all of a 2nd wave just yet.  

So, I am just going to keep this rather simple and short, and allow you to look at the charts attached, especially the smaller time frames.   Ideally, I want to see the top of the target boxes struck before I can consider anything as a reasonable 2nd wave at this time. 

GDX8min
GDX8min
GDXdaily
GDXdaily
GLD 8min
GLD 8min
GLDdaily
GLDdaily
silver144min
silver144min
Avi Gilburt is founder of ElliottWaveTrader.net.