What Affect Does The NVDA Earnings Have On Metals?

Absolutely none.  But, I just could not come up with something else clever to say about the metals in the title relative to what I have already been saying of late.

So, to repeat, there is potential that both the GDX and silver have bottomed. But, I have a hard time coming up with a reasonable wave count to suggest that GLD has indeed bottomed as well.  Of course, it could be a complex and unusual bottoming structure like that which was seen at the end of 2015.  However, I have nothing reliable just yet.

Yet, I do have to recognize that if this is a 4^th wave in an ending diagonal in GLD, it is really a bit larger than I would expect.  But, please do note that if this is still a 4^th wave, when a 4^th wave breaks out of the trend channel, it often suggests that the 5^th wave will likely do the same.

The other issue I have is that there is a reasonable 5-wave decline in silver off the recent high, which also suggests we may have begun a 5^th wave down to a lower low.  But, if we see silver break back over the high of that last rally, it would strongly suggest that we are in wave 3 of wave [i] and the next rally has likely begun.

So, to keep this really simple, I am going to take my cue from silver over the coming week or two, as I do expect silver will lead on the next rally.  And, should we begin to break out in silver, then it will become likely the other two charts will potentially follow.  Until then, I am leaving the door open for the dreaded lower low.  But, please do recognize that we are VERY close to a bottom in the complex if one has not already been struck.