With the various metals charts bottoming in the general region where we would expect, we now have initial indications of 5 waves up off those lows. While there are a number that count as a leading diagonal, I cannot say that this is very high probability. But, the initial indications are there.
The only chart I have some question about off the low is the GDX, as that leaves more questions as to whether we can see one more micro lower low or not.
Therefore, I can keep this very simple. As long as we now hold over the low struck this week, pullbacks are buying opportunities, since we have a very tight parameter for risk management. As far as the GDX, I can use the .764 retracement region in the 33 region as our main support right now in order to maintain a bullish bias and potential for the next bullish phase higher.
The next indication we are seeking is that we now want to see the next larger 5-wave structure develop towards the smaller degree pivots on the charts. This will put us on HIGH ALERT for the next phase of what I think is a bull market phase in the metals complex, potentially taking us into the end of the year, and possibly into 2022.