Not Much To Add

I wish I had some amazing insights to provide to you beyond what we have been saying of late, but I think that anyone who has been following along for the last few weeks/months is probably as informed about where we are as I.   But, I will do a quick review.

The most important thing that happened this past week is the potential for NEM/GDX to be filling out their next 5-wave rally structure, which would mean that there are no larger 2^nd waves yet to complete – assuming we complete the 4^th and 5^th waves as presented on the various charts.

In truth, I am genuinely not sure if the consolidation we just saw in both NEM and GDX was all of their respective 4^th waves, but I have to consider it.  As of this moment, I have nothing definitive to declare about that micro structure.  So, I will wait patiently along with you until the market clarifies this smaller degree structure.  But, I will say that I see nothing bearish in the bigger picture right now, other than the potential that the c-wave is still on the table, but not quite as a strong probability.

In silver, we seem to be rallying in wave i of wave 3.  Ideally, I had wanted silver to rally north of 32 to the .618-.764 extensions of waves 1-2 for the wave i.  However, the minimum target we normally set for wave i of 3 is the .382 extension of waves 1-2, and that may be what silver is shooting for right now.

As you can see from the attached 8-minute chart, I am questioning whether the next rally will complete wave [3] of wave i, or all of wave i.  But, in either case, I do not think the next pullback will be terribly deep or long.  When we got to this point in gold earlier this year, the 2^nd wave of these degrees were so small you could not really even make them out.  I noted this in my live video this morning for our full-time members.

So, what this leaves me saying is that I am expecting all pullbacks now to be smaller corrective 3-wave structures.  And, it is from this point forth that the heart of a 3^rd can take hold of the silver and GDX charts.  So, please do not try to play around with the smaller time frames.   Please re-read the quotes from the past I have posted from Jessee Livermore.  It is time to sit tight.

Of course, if I see indications that a bigger pullback is taking shape – such as the c-wave shown in GDX or NEM – I will alert you.  But, for now, I am only going to expect smaller and shorter pullbacks, which may even take the shape as a single spike and recovery.   So, let’s stay on our toes until the heart of the 3^rd wave makes itself known in silver and GDX, as it did earlier this year in gold.