Hanging Out Over Support
For those that have followed my analysis through the years in the metals complex, you probably have realized (especially since I have said it quite often) that if there is a bullish wave interpretation available since we bottomed in 2015, then I will likely adopt that as my primary analysis. Well, I am sincerely trying to do so right now, but silver still does gives me some pause.
Moreover, based upon my current count on gold, its first wave off the low (the next higher degree) seems to be a bit large. But, for now, I am going to give it the opportunity to prove itself, and have considered raising the target for wave , as you can now see it on the daily GLD chart.
As far as GDX is concerned, well, the most bullish interpretation is that we are now consolidation in a b-wave in the 3rd wave of its leading diagonal off the lows. So, I want to see it being able to hold its b-wave support box, and then follow through to the upside to complete the c-wave of wave .
The one thing all these charts have in common is that they are all still above their respective support boxes. So, I don’t want to make this complex when it does not have to be. You can see the general paths I want to see over the coming weeks on the various charts. And, as long as we continue to hold supports, we will continue looking higher. And, once we complete the larger first waves off the lows, then we can begin to prepare for a major 3rd wave taking us through 2023.