Quick Metals Update - Market Analysis for Nov 6th, 2024

Clearly the depth of this pullback is forcing me to consider other potential counts in the metals.  So, allow me to address quickly.

First, I am maintaining the primary in silver unless the next rally is clearly corrective, at which time I will move into the yellow count.

Second, the GDX action is likely suggestive of the alternative blue count, which I have now adopted, which means we will likely remain within the current trend channel. 

Third, as long as GLD holds over 244, I can look higher one more time in wave (iii).  However, if we break 244, then I have to assume wave (iii) is done, and we are now in wave (iv).  But, remember, that means we will likely begin wave (v) potentially before the end of the year, and still push much higher before the much bigger wave (4) takes hold in 2025.  Please maintain a perspective on the daily GLD chart, as it has been the clearest view of the overall metals market to date.

Will try to write more later this afternoon/ evening.