We have certainly gotten the rally I had wanted to see in the metals. And, the rally is pushing a deep retracement in GDX and GLD.
Since the GLD is the cleanest of the structures, I will note that as long as we hold the 169.85 region, I can reasonably expect a 4-5 to take shape before this c-wave rally completes. Of course, if we break out over the late January high, then it invalidates this immediate (i)(ii) downside structure. But, as long as we remain below that high, this structure remains intact.
Since I am traveling, I am going to keep this update short. Again, GLD is the cleanest chart, and I think it will be the tell in the coming days. As long as we remain below the late January high, I am looking for a topping structure to develop, and the next 5-wave decline will provide us with an initial signal of a potentially large impending drop outlined on the 60-minute charts.