Something Evil Is Raising Its Ugly Head

With the metals charts pushing just past their resistance, it is certainly raising the probability of the evil purple count.  And, if you remember, this means that this rally will likely continue much further in the coming days and possibly weeks, only to set up a c-wave crash-like event to complete this larger a-b-c structure in the metals.

The one that is starting to look more likely as this path is GDX.  As far as gold is concerned, unless we see a 5-wave decline begin rather immediately, I may have to switch to this alternative over the coming weekend or early next week.

Yet, silver can still easily be a wave 4 rally.

So, at the end of the day, while I am more comfortable moving to the purple count in GDX right now, I am not swayed just yet in gold and silver and may give it just a bit more room over the next day or so.