Ready To Start The Next Rally In Metals?

As of tonight, I would say that not only do we have enough waves in place to consider a bottom to having been struck in this recent pullback in metals, but we even have an argument for the start of the next rally in place.  Yet, I have to admit it is not the clearest of 5 waves up, and it is really of a very small wave degree, so much so that I cannot say that I am prepared to view this as a high probability just yet.

In both GDX and silver, I have outlined on the smaller degree charts my desire for the next larger wave degree 5-wave structure to be seen in order to begin buying aggressively to the long-side of the market, in preparation for the next major break-out move.  That break out move will likely be the heart of the 3^rd wave in both those charts.  So, it does seem reasonable and prudent to allow the market to rally back towards the recent highs to complete a larger 5-wave structure before begin buying the ensuing 2^nd wave pullbacks, and prepare for the break out of the heart of the 3^rd wave.

In GLD, I have reconsidered my view on the larger wave count, and have now labeled the last high as the wave iii of [3], with the expectation that the next 5-wave rally back towards the recent high will be the first wave of wave v of [3].   

As of now, the alternative I would consider is an immediate lower low to be seen to complete a more extended 5^th wave in the various c-waves we are current charting in this pullback.  But, should the market continue higher in the coming day or so rather than providing us an immediate lower low, then I will abandon this alternative.

As I have said many times, the GLD chart is still strongly indicating that the price of metals will likely continue much higher as we move through 2024.   And, I also believe that GDX and silver will continue to lead in percentage terms as they have a significant amount of catch-up to do in their respective wave counts relative to GLD.