Avi Nightly Wave Analysis Weekend Metals
Could It Be?
I have been noting for weeks that the market is finally getting ready to complete this very long term pullback/correction and resume its bullish trend begun at the end of 2015 in most of the charts we follow. And, as I write this update, we have the ingredients for that turn to begin, but we are not quite there yet.
So, I can make this update rather simple. When you look at the 8-minute silver chart, you will see that we have a rather clear 3 waves up off the low, with a very nice looking internal structure for all 3 waves up. (And, yes, the same is evident on the GLD and GDX charts off yesterday's low as well). But, we are missing an ingredient still - - we need a 5th wave up off the low.
Moreover, should we see that 5th wave up off the low complete today, then I still want to see a nice corrective wave [ii] pullback. And, if we should then see a rally back over wave [i] in that structure, then I will be looking to begin trading the upside in an aggressive fashion. It would likely be a very early signal that the market is finally ready to move back into a bull phase after a 2+ year long correction.
So, while the ingredients may be coming together, let's have just a bit more patience to allow it to be fully baked. And, when you look at the larger degree GDX and GLD charts, it should be quite evident that you will not be missing a lot of the upside in order to allow this initial 5-waves up to complete and trigger a bigger wave 1 off the lows to develop.