Quick Update - Market Analysis for Nov 9th, 2026

It is really very nice that we are seeing a higher high in the GDX for a potential 5th wave for wave i. 

But, the problem is that if this gets too carried away, we could wind up getting an a=c rally off the low which would be more akin to the alternative wave 4 in yellow.  Yet, it is quite large for the yellow count potential, but it would likely mean that we should be able to hold the 70 region if we are to see a 5th wave decline for the yellow wave count.  

Therefore, for us to see a really nice i-ii structure, we will likely want to top out very soon in wave 5 of i, and see a nice corrective pullback to the support box below.  Clearly, if we rally a bit more, then I will raise that support a bit. And, should we see a nice corrective wave ii pullback, followed by a rally back over the high of wave i, that would be a trigger to the heart of a 3rd wave in progress in the GDX.

But, as far as the metals, well, silver has now made a very nominal higher high which can be a 5th wave off the lows.  This does add to the weight of evidence that a significant low may be in place now.  But, gold is still struggling for that move.

Assuming gold can do so as well, this would add even greater weight to the potential that the metals lows as behind us for now.  

But, as I noted regarding GDX, a nice corrective rally followed by a rally back over these highs would really increase the probabilities even further that the next rally is in progress.

So, while we can see just a bit higher in the charts, I would like to see a nice corrective pullback begin soon, with follow through back over the high we create in this move thereafter.  Should this be what we see in the coming week or so, then this should make it a high probability the next rally is in progress.