Still Looking For Those Lower Lows In Metals


With the metals rallying off the lows struck over the last few days, we have seen both GDX and silver hold well within their resistances for their respective retracement waves.  Yet, gold slightly exceeded its resistance.  But as I write this update, all three seem to have begun their respective last leg lower.

In GDX, I have been counting this as an [a][b][c] decline within wave [2], as you can see on the attached chart.  The decline which is ongoing at this time seems to be wave [i] of that [c] wave of [2].   And, as long as we remain below today’s high, pressure will remain down for that [c] wave.

In silver, today’s high represents the 4th wave of its c-wave.   And, as long as we remain below today’s high, I am looking for the market to attack the a=c target in the 27.82 region.

I am viewing gold in the same manner as silver, wherein todays high represents resistance for a 4th wave.  As long as we remain below that high, I am looking for a 5 wave decline for the 5th wave of the c-wave of [ii].

So, over the coming days, we will be tracking what is likely to be a final decline before the heart of a 3rd wave can begin to take shape in all 3 charts.   Thus far, the market has been moving pursuant to expectations laid out in our updates.  Should anything deviate, I will be sure to alert you to what I am seeing.

GC8min
GC8min
GDX8min
GDX8min
silver-8min
silver-8min
Avi Gilburt is founder of ElliottWaveTrader.net.


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