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.