Quick Note On Bigger Picture

For years, we have been expecting silver and GDX to provide a catch up move.  And, now they are there.  In fact, all charts are now pointing to only one 4th and 5th wave left before this cycle is likely completed.

Today, silver seems to be breaking out in the 5th smaller degree wave which will likely complete wave (3) in its long term cycle.  Gold is past that, but is now trying to complete its wave (3) in its final 5th, and GDX seems aligned with silver.  So, I still very much think it is reasonable to expect a larger degree 4th wave still to come across the board.  But, I doubt it will take a very long time as the respective 2nd waves of these degrees took a long time, especially in silver and GDX.

But, that being said, we have to be very careful as we come to the conclusion of this long-term cycle.  We are now almost exactly 10 years into this cycle in most products, so we will need to see a clear corrective structure to make sure that we are still on track with the final blow off stage into 2026.