Upside Pressure For Now
Not much has really changed from the weekend update. But, GC has potential to lead us higher in an impulsive move off the recent low.
As you can see from the attached GC chart, I have a potential (i)(ii)i-ii in place on GC. And, if we can hold the blue box of support just below us, and take out the pivot, you can place your stops just below the pivot and let it run. It would be set up for a 5-wave rally back towards the highs struck earlier this month. The question will then be if it is a c-wave of a 4th, or wave 1 in the new bull phase I still expect?
Silver really is in no-man's land still. So, I have nothing more constructive to offer on that. The only point I continue to make is that a price below 20 in silver is still a good opportunity in the long run,.
As far as GDX, well, the potential for it to develop as a leading diagonal off the low still remains, but I cannot trust it just yet, as I have explained many times.
So, for now, I am focusing on how GC resolves in the coming week or two, as that will likely tell us a lot of the story over the coming months. But, with silver not providing me a solid bottoming structure that is completed, I question whether we have yet begun that next bull phase or if we still need a dreaded lower low.