Many Miners Are Looking Good

As the title suggests, we are seeing more evidence of the potential bottom being struck in a number of miners, but I cannot say the same for the metals themselves.  In fact, I cannot say anything has really changed from my bigger perspective as posted over the weekend.

Most specifically, both the GDX and the ABX look as though they are now in a 3rd wave off the recent lows.  For now, I am cautiously optimistic, and will be looking for it to complete their larger 5 wave structure off the lows to really solidify the bottom call.  It would mean we should see further upside follow through this week if we are going to get the 5-wave structure we want to see.

As far as GLD is concerned, we seem to be stuck in the middle of two potential counts, and neither of them have a clear structure to point towards for follow through.  So, I am going to reserve my micro expectations on GLD for now, but it would seem that upside may have a slight edge.  Ultimately, I still think we are in wave 4 of c of ii, as shown on the daily chart.

Silver also seems to be stuck in a 4th wave, as I really have no clean way to count it as an impulsive structure off the lows.

So, while this update is rather short and sweet, I really have nothing more to add to the analysis we have been posting of late. 

GDX-8min
GDX-8min
GDXdaily
GDXdaily
GLD 8min
GLD 8min
GLDdaily
GLDdaily
silver144min
silver144min
ABX60-minute
ABX60-minute
ABXdaily
ABXdaily
NEM
NEM
Avi Gilburt is founder of ElliottWaveTrader.net.