Micro Bullish Indications - Market Analysis for Jul 1st, 2021


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.

GDX8min
GDX8min
GDXdaily
GDXdaily
GLD 8min
GLD 8min
GLDdaily
GLDdaily
silver144min
silver144min
Avi Gilburt is founder of ElliottWaveTrader.net.