Still No 5 Up In Silver or Gold

I wish there was something for me to add to the weekend analysis, or last week’s analysis, but we are still cautiously optimistic that the market can complete 5-waves up in the coming week or so.  And, until we do, there really is no strong indication that a bottom has indeed been struck in this LONG pullback.

And, while I can count 5 waves up in GDXJ, we still have the same issue I have been highlighting of late – is this a 5-wave c-wave of yellow 4, or is it wave [i] of the next rally phase.   Until silver and gold join it with a full 5-waves of their own, I lean towards yellow.

Otherwise, there is really not much to add at this time.