Still Setting Up A Metals Rally

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 3^rd wave rally will take shape as we move into 2024.