Note Of Caution - Market Analysis for Nov 6th, 2025

As I was reviewing the metals charts this morning, I wanted to send out a note of caution before I left for the day. While my preference has been for a higher (b) wave bounce across the metals complex, I have noticed that both GDX and GC can be considered as completing a (b) wave triangle this morning.  While I do not have the same potential in silver, it still is enough evidence of a potential completing a (b) wave that requires me to send out this note of caution.

Should we see an impulsive break down in GDX below 68, in GC below 3935, and in silver below 47.25, then it becomes much more likely that the (b) wave is done, and a (c) wave decline has begun. 

As I have said many times before, b-waves are treacherous and quite variable in nature.  Trying to trace out a definitive path for a b-wave is akin to attempting to throw jello for distance.  So, please be aware of this potential over the coming day or so.  If we do see this break down then we are likely targeting the 3400/3500 region in GC and the low 40's in silver, and at least the 57/58 region in GDX.