Quick update - Market Analysis for Mar 14th, 2019

I just wanted to send out a quick update to our metals members.  

Silver is now at a point where it is going to have to prove that this is a wave ii pullback by rallying over yesterday's high.  Otherwise, we are going to see a test of the 14.75-15 region for a deeper wave (iv).  As noted in the room this morning, GLD rallied to only the 1.00 extension off the prior low, which means it can see a more protracted wave iv, and may even test as deep as the 118 region.  That would also suggest that GDX may see a deeper wave iv too.  Yet, on the micro structure, GDX looks more like silver.

So, I think the next 24-48 hours will be important to determining if we are going to get a 5th wave higher sooner rather than later.  And, as long as silver holds over 14.60, I still view it as being in the buy the dip mode . . . below it warns of a potential drop to a 13 handle.

GLD-daily
GLD-daily
GDXdaily
GDXdaily
silver144min
silver144min
Avi Gilburt is founder of ElliottWaveTrader.net.