Not Much To Add

After a wild night and day in the metals complex, I can’t say that anything has changed in my overall perspective. I know I likely surprised many of you when I said this exact same statement after a $50 rally in gold was seen last night.  But, the pattern has not changed, as the move up has been a series of 3-wave structures.  That is usually not a strong indication of a bullish structure.

The one definitive statement I am able to make about the complex is that it is a pure mess. There are still several ways this can develop its drop to lower lows, but with structures that are forming in sets of 3’s, there is nothing I can point towards as I write this that can give you a high probability, low-risk small degree set up.  For this reason, I am not including any charts of time frames lower than 144-minute.

To be honest, the only reason I am writing this update tonight is because you have all become accustomed to seeing an update from me on Wednesday evenings.  But, Wednesday is here, and I really do not have anything further to update.  So, I do apologize.  Yet, as soon as the market gives me something a little more definitive, I will certainly update you. 

GDXdaily
GDXdaily
GLDdaily
GLDdaily
silver144min
silver144min
Avi Gilburt is founder of ElliottWaveTrader.net.