While silver and GDX are still a bit of a question as to whether they have indeed bottomed already, gold is the chart offering the most insight. So much so, that I felt a need to post a special update due to the ramifications.
we now have the minimal number of waves in place to consider the bottom being struck in gold. Yet, the ideal structure would suggest a bit lower.
So, the parameters we are going to watch are coming over the next trading day or so. Should the market give us a corrective rally off the low we strike today, then we have a i-ii downside set up for a deeper 5th wave to complete this downside structure.
However, if the market begins an impulsive move off this low, and then rallies past today's high, that is an INITIAL indication that a bottom has potentially been struck.
In other words, we seem to be VERY close and I need you to be on your toes over the next few days as we have a "bottoming alert" in effect right now.