Metals are at that point where we should see a decision within the next day or two.
I am not going to harp on and on in repeating what I have been saying over these last few weeks. I am going to keep this VERY simple right now.
There is strongest potential that GLD/gold has bottomed. But, I am going to wait until I have confirmation in the other two charts before I make this a high probability.
So, let’s discuss the other two charts. Both are at resistance.
As you can see from the silver chart, I have provided a path through which the market can prove to us that it has finally bottomed. For now, I am still very skeptical. In fact, I can clearly count an a-b-c structure for a wave 4 bounce. And, as you can see, we can still get one more push towards the 24.20 region before that c-wave completes an ending diagonal.
Of course, should the market break out instead through the 24.30 region, then it opens the door to complete a 5-wave structure as outlined on the 8-minute chart.
As far as GDX, it is even more simple. As long as GDX is unable to break out through the box overhead, I am primarily looking for that lower low.
So, as you can see from the two main charts I am tracking right now, there is still strong potential for a lower low to be seen. And until they can take out their respective resistances, I am still looking for that lower low. Clearly, a break out through those resistances would have me shifting perspectives. But, in the bigger picture, I have been harping on that this is a bottoming structure whether we get that lower low or not.