Quick Morning Update - Market Analysis for Sep 17th, 2026

Thus far, the metals have held where they have needed to for their respective 2nd/b-waves.  But, we did not get a clear 5 up in standard fashion.  Can we call it a leading diagonal?  Sure.  But, as you know, they are not reliable enough for me.  So, I am going to be a bit more cautious until we invalidate downside potentials. 

In GDX, that means a break out over 101.83.  In gold, that means a break out over 4560.  In silver it means a break out over 69.  And, should we move higher in the coming days, I may raise my stop to the lows we just struck yesterday.  And, I want to see a bigger degree 1-2.

I know I am being a bit more cautious than normal in my analysis, but the lack of 5 waves up in standard form forces me to be so.  But, fear not.  With the shallow pullback for a 2nd wave in GDX as we have seen, it pushes the upside target to AT LEAST 164, and potentially as high as 200 depending on extensions.  So, with more upside room, we can afford to be a bit more cautious imho.