Need Upside Follow Through

When the metals spiked today, I posted in the trading room that I am not getting excited by that move.  Rather, I will need to see the next larger degree 5-wave structure take shape before I will get excited and then prepare for a major break out in what will likely be a 3^rd wave melt-up.

The question is still unanswered as to whether gold will get a lower low or not.   The action has not made it clear.

Silver still has the same potential as gold, but maybe to a slightly lesser extent.

And, as far as GDX, well, it has a relatively nice 1-2 structure, which makes it a bit more likely that GDX may have its low in place.

Overall, I am giving the market plenty to room to either prove that we have already bottomed and have begun the first larger degree wave starting the 3^rd wave, or if we do get a lower low first.  I am not sure it really makes as much of a difference if you are zooming out and focusing on the larger degree structure.  So, I certainly do not want to over-react based upon these smaller degree structures.

In the bigger picture, one thing I will be focusing upon is when the daily MACD on the GDX and GLD turn up.  Currently, they are in a bottoming structure.  But, once it turns positive and holds that for 3 days, I am going to assume the bottom is finally in place.