When the metals turn bullish, we often see very shallow retracements. If the bottom is indeed in place, then yesterday's pullback MAY be all we get for a 2nd wave.
But, there are two reasons I am posting this update right now.
First, silver is approaching a VERY important point. That is the 23 region. This can still represent the yellow wave 4 which can turn it down towards the 18.50 region. And, I want you to be watching this action very carefully. If we get turned down here, then we could be seeing a few more weeks of weakness, taking us down to the 18.50 region to complete the bigger 5-wave ending diagonal.
However, if silver can blow through this region, then we will FINALLY be building that break out set up we have been seeking for many months - the [i][ii] structure outlined on the silver chart. It will be on the wave [ii] pullback that I will likely fill in the rest of my aggressive position.
As far as gold and GDX, yes, it is possible that they have also completed a shallow 2nd wave. So, I want to see how GC handles the micro pivot on the 8-minute chart. If it blows through it, then the micro pivot becomes our support on our way up to complete wave i on the 60-minute chart. If not, well, then we have more downside consolidation to come.
The main point I want to make again is that there is no need for FOMO in this complex. Remember, we are looking for the next bigger 1-2 structure to develop before we finally have a break out set up. When that set up triggers, then FOMO will truly be taking hold. Please understand where we are in the bigger picture to allow yourself to make the appropriate decisions.