Not Much To Add In Metals


Unfortunately, the action we have seen of late is not really lending itself to any further clarity.  I still lean towards getting lower lows in the various charts.  Is it doing to be an indirect manner, where we continue to chop around for more of a 4th wave structure in this region or do we see a more direct move lower in the coming week or two?  I wish I could answer this question, but the market is not providing me any strong clues as to which is a high probability.  But, for now, I am leaning towards more direct . . . as long as we hold below today's high. 

Should we take out today's high, then we can continue to chop around before we see a lower low, or, in a potential bullish resolution, we continue higher to complete an initial leading diagonal off the lows.  But, the reason I still lean towards the lower low is due to the lack of clear 5 down and a lack of a clear 5 up.  

So, in summary, nothing has really changed, as I still have no evidence that the metals have begun the next major rally we expect into 2023.

GDXdaily
GDXdaily
GLDdaily
GLDdaily
Silver-144min
Silver-144min
Avi Gilburt is founder of ElliottWaveTrader.net.


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