Metals Trying To Break Out
Yes, I know this "feels" like a break out in the metals. Yet, we still have not been able to break out with escape velocity from the pivot.
Again, I am going to remind you that the top in early February in GLD exhibited the exact same factors. The MACD was in the topping zone, and price was pushing the top of the pivot at the time. From there, we saw a nice pullback. Is this time different?
As you can can see, silver, GDX and gold are all pushing on their pivots. Due to the MACD in GLD, I have to assume we see some kind of pullback again. Of course, if we see a sustained break out through the respective pivots, I have to assume we have already begun the heart of the 3rd wave melt-up, and we have discussed targets in prior updates.
I will be out for the next several days due to the Passover holiday and the Sabbath. But, I will be writing my weekend updates this weekend as usual, yet they may not be published until Sunday.
To those celebrating, and a happy Easter and a Chag Kasher V'Sameach if you are celebrating Passover.