Metals Complex Remains A Meandering Mess Overall

While I would love to outline a strongly bullish immediate path, alas, the market is not exactly providing that to me across the charts.

While GDX has the most immediate bullish set up in my mind, I still do not have a secondary wave [i] in place, with the action seemingly still suggesting that wave ii may not yet be done.  So, as long as yesterday’s high remains in place, we have a set up for a c-wave down to complete wave ii.   But, consider that this would provide us with a strong i-ii upside set up.  Yet, I still would want to see the next [i][ii] in place to make this a strong set up to trade to the long side.

Now, gold had an opportunity to prove its b-wave has indeed bottomed.   However, the size of the consolidation we have seen over the last several days is making me strongly question that proposition.  But, as with GDX, I would need to see a better 1-2 structure in place for me to consider trading this more aggressively to the long side.  Until that happens, I am leaning towards the b-wave not having completed yet.

As far as silver is concerned, it is no where near a potential [1][2] set up yet.   And, this is leaving the alternative presented for wave iv well within the realm of probabilities. Should I see an initial 5 wave decline, then I will be on alert for the potential c-wave decline in yellow.  However, for now, the micro structure still suggests that higher can be seen.

Overall, the metals market is not providing us any reason to deploy our hard earned money for any strong bullish set ups.  Rather, the structures suggest it could take a bit more time before we see anything strongly bullish setting up.  But, the bigger picture still looks very bullish as we look towards the early part of 2025.  However, we will need a good set up before I am willing to deploy more money towards aggressive long trades.