Metals Have Their Chance
As I have been saying for some time, I have been looking at silver for a major catch up move once we confirm the next bullish trend has indeed begun. And it is simply because silver has a lot of catching up to do to the rest of the complex as to where it resides in its wave count. So, with silver taking the lead today, I am expecting it to continue, that is, as long as we are able to complete a full 5 waves up for wave [i].
So, as promised, I provided a micro pivot on the silver chart today, before we broke out. And, as we are now through the pivot, the pivot now becomes IMPORTANT support over which we must remain to keep the pressure up.
Now, in truth, if this is the real deal in silver, and we have indeed begun the 3rd wave of wave [i], then we should be seeing some serious extensions over the coming week or so, as outlined on the 144-minute silver chart. So, clearly, I want to see some serious follow through this week to prove this is the real deal.
As far as gold is concerned, well, it is a bit lackluster, and seems to still need to complete wave i of 3 of the low. So, until it also breaks out over its pivot, it will likely lag a bit.
Then the ultimate laggard is GDX. While the GDX has a GORGEOUS bottoming structure in place, with the supporting technicals to back it up, I cannot get excited until I see an impulsive move through 26.50. Otherwise, yes, there is still some potential for a dreaded lower low. So, watch that 26.50 level in the coming days.
Overall, I am tracking silver very carefully here, as it is at a point of no return. It must keep pressure up and continue to prove that a bottom has been struck. I am assume it will pull the rest of the charts up with it if it can maintain upside pressure over support.