GDX Broke Upper Support

Avi Gilburt By

I just wanted to send out a quick metals update after today's action.

GDX has just broken its upper support and the daily MACD is trying to curl down after a negative divergent top.  So, while there is potential for the yellow to increase in probabilty right now, I am not seeing a CLEAR 5 wave decline YET.  I may have to consider a truncated top with yesterday's rally.  So, will watch it closely.

As far as silver is concerned, it looks like we are in a 5th wave in the (c) wave of the a-wave of a larger wave (ii), the former yellow count. And, if that pattern fills in as drawn out then I would get back into silver options trades.

No changes in GLD.
GDX-daily
GDX-daily
GLD60min
GLD60min
silver-144min
silver-144min
Avi Gilburt is founder of ElliottWaveTrader.net.

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