Metals Complex Is Certainly Acting Bullishly

I have to say that the metals complex has been following the more aggressive bullish script since we caught the bottoming region half a year ago.  And, we should be only squiggles away now from confirming the long term bottom is in place with a high level of probability.

In fact, price action has reinforced that for which I have been preparing you for the last year.  And that is when the metals return to their bullish trend, they do not allow people an easy way to enter the market.  This is why most view the metals as the most dangerous and difficult market to trade.  Yet, it can often be the most profitable.

With the market following through on its upside pattern this week, we have almost completed our next 5 wave impulsive structure higher.  On the micro scale, I really would like to see one more push higher to complete this final 5th of green wave (i) off the lows of the last pullback, but it may only result in a moderately higher high in GDX or even a double top.

Once we complete wave (i), I will be looking for a corrective pullback in wave (ii) to take at least several days.  And, as long as that pullback is corrective, and we then follow through over the top of wave (i) to the upside, we will likely have a strong signal that the long term bottom is in place for the complex, and our next MAJOR targets for a larger degree wave (1) off the lows are 160+ in GLD, 27-28 in silver, and 40+ in GDX. 

So, ultimately, the next pullback will likely tell us a lot of story.

GDX-8min
GDX-8min
GDXdaily
GDXdaily
GLD 8min
GLD 8min
GLDdaily
GLDdaily
Silver 144 min
Silver 144 min
silver daily
silver daily
Avi Gilburt is founder of ElliottWaveTrader.net.