I cannot say that much has really changed from the detail analysis I provided over the weekend in metals. The bottom line is that they still seem to be setting up a rally.
The only question now is how much more of a consolidation/pullback are we going to see?
So, let’s look at each chart to see.
In looking at the 8-minute silver chart, we can see that there is potential for the b-wave to have completed. And, the next time we take out today’s high will likely confirm that we are in the c-wave rally, pointing us towards the box overhead.
Alternatively, the b-wave may still have another drop to the support box before it begins the c-wave rally. But, again, the next time we take out today’s high will likely confirm the c-wave in progress. And, whether the purple count or yellow count will be the primary count will depend on whether then next 5-wave structure projects to top at the box overhead or break out through it.
And, when we look at the 8-minute GC chart, we have the exact same situation. And, just like with silver, if we get a 5 wave rally to the resistance overhead, then it keeps us in the bigger wave ii pullback with a [c] wave down yet to come.
Lastly, GDX still has not provided us with a solid 5-wave rally off this week’s low, as the rally seems best to count as a 3-wave rally. Therefore, as in the other charts, this b-wave pullback may still be ongoing. And, the current decline represents a [c] wave within a more expanded b-wave consolidation.
So, in summary, I am still expecting a rally to take shape after this consolidation completes. And, the nature of that rally will provide us with strong guidance as to how the 3rd wave rally will take shape as we move into 2024.