Quick Follow Up On Metals Market

Well, thus far, the metals have continued their bullish run.  And, we are now nearing a point in time where we can begin expectations of cooling off a bit, as they begin to back and fill, working their way to 2^nd wave pullbacks.  So, let’s take a brief look at the individual charts.

Staring with GLD, I am assuming this is simply an extension to wave 3, as we are even approaching the region at which the market topped in the afterhours session a few months ago.   And, I have added a support region for wave 4 as well.   

In GDX, I am also going to assume we are completing a more extended wave (iii).   Therefore, I am going to expect a (iv)(v) before wave i is done.

Silver leaves me with a few questions.  For now, it looks like we could be finishing wave (v), as you see on the 8-minute silver chart.  However, if you look at the 144-minute chart, I think I am moving toward a perspective of a series of 1’s and 2’s off the low, rather than a larger wave (i) into the ellipse as I had originally expected.   

So, what all this means is that once this 5-wave rally is completed, I expect one more pullback.  Thereafter, the rally over whatever high we create in this current rally will trigger us into the “melt-up” phase that I expect for 2024.