Quick Note On Metals

With the depth of this pullback in metals I just wanted to offer a quick note to calm people's nerves.  While this is a bit deeper than I expected, nothing has changed in the bigger degree. 

GLD may be still filling out its wave [ii] of v of [3] rather than having started its 1-2 of [iii].  Silver is likely in its 5th wave, with the last bounce actually being its 4th wave in this c-wave of 2. And, GDX is likely just getting a bit deeper of a pullback as well. 

I will be tracking this pullback over the coming days, but I do not expect much more downside other than some minor 4's and 5's to complete this c-wave in the metals complex.  And, yes, this may be the last pullback we may see that is evident on the charts until the next major rally takes hold. 

Overall, the point is that not much has changed in our larger degree views and expectations for the rest of 2024. And, over the coming days, we will likely glean more clarity on the micro-structure and I will update you accordingly.