With the action we are seeing in the metals right now, I hope you now understand why I wait for my set up before I get aggressive on these charts.
For now, I am still viewing all these charts as being in their respective 2nd waves. While we have dropped a bit deeper than I would normally expect after an expanded b-wave, we are still well within standard expectations for a 2nd wave. In fact, we are now approaching the .618 retracements in GDX and GDXJ, and may even extend a bit below that, as the 5th wave seems to need a micro 4th and 5th wave before this completes.
But, the main point I am still trying to make in all these charts is that I am still patiently awaiting the next 5 wave rally to set up the next i-ii break out structure. Should we see it trigger, then I will gladly go aggressively long on these charts, and will certainly let you know when I do so. But, until such time that we get that set up, I am going to patiently let the market complete this 2nd wave pullback, and provide us with another impulsive rally to begin our preparations.
Until that happens, I am going to sit on my hands.