Is This It?

I am sorry about the delay in posting this update, but I had some "technical" difficulties due to travel  And, since I will be starting on the weekend update tomorrow, I am going to keep this simple.

At this time, we have enough waves to consider both the GDX and silver as just about complete with regard to their c-wave declines.  But, gold is still a question.  What is really interesting is the relative outperformance of silver right now, as gold is trying to catch up to strike the same retracement percentages that both silver and GDX have now struck.

But, the question now centers around whether we need one more iv-v before this c-wave is done.  And, I have that outlined on the silver chart.  Based purely on silver and GDX, I do not think it is needed.  But, in gold, it would seem to be more likely. 

But, my primary perspective remains that we are completing a 2nd wave pullback.  And, what I find quite nice is that even the daily MACD on GLD is trying to approach the bottom of the target box as well.  So, I am going to watch gold a bit more closely on the next "bounce" to see if it is corrective or impulsive, with the corrective action suggesting one more iv-v.

I will provide more depth of insight in the weekend report. My apologies again.