Another 4-5 - Market Analysis for Aug 16th, 2023

This morning, in my live video for the entire membership, I covered my perspective on metals, and I suggest you watch the video if you have the chance.  

In very simple terms, I still do not have a completed structure to the downside in this [c] wave.  And nothing has really changed from the weekend analysis.  At best, I think we may have completed wave [iii], which means that I still think we need waves [iv] and [v] to complete a larger degree [c] wave of a 2^nd wave.

The clearest count that I am following right now is presented in silver.   As far as GDX and GLD are concerned, I cannot say that I have a clear micro-count upon which to rely.  But, as I said before, it seems that NEM is leading GDX at this time, as the count we are following in NEM seems to indicate we need a 4^th and 5^th wave similar to silver before this completes.  So, I am assuming that this is what we will see in GDX as well.

This leaves me to use silver as my guiding chart for this bottoming structure.   And, as I just noted, ideally I still need waves [iv] and [v] to complete before we are done.

And, for those that do not have all the non-aggressive positions in place, this is likely a good place to add, especially if you lightened up at my suggestions just north of the 25 region in silver.