Pressure Remains Down In Metals

There is not a lot more for me to add to our recent metals analysis.  

To keep it simple, the GLD/GC still suggest that we are in the 3rd wave of an ending diagonal [c] wave of ii.  So, we still have further downside work to complete before this is done.  I am looking for a c-wave decline to complete wave 3.

GDX still seems to need a bit lower before it completes its c-wave of its 2nd wave.

But, the one chart I am considering a little change to the count is silver.  If you look at the attached silver chart, I am considering that it is also taking shape as an ending diagonal, with its wave [3] having already being completed at the 1.236 extension of waves [1][2].  So, the next break down below 22.77 could actually complete this structure.

Should we see that one more decline, I will likely add another 4-5 as my alternative, thereby making a further lower low an alternative count, depending upon how the market reacts off that next low below 22.77.  Should we see a strong reversal in impulsive fashion back up through 22.77, then it likely means wave ii is done. However, if we do not, then it means we are still stuck within the [c] wave.

But, we are certainly getting closer to the completion of this 2nd wave, and once completed, I am expecting the start of the 3rd wave, which should last the rest of 2024.