Initially printed on Sat Feb 1 for members of ElliottWaveTrader.net: Imagine me once I inform you
Initially printed on Sat Feb 1 for members of ElliottWaveTrader.net: Imagine me once I inform you that I so need to be uber-bullish the metals right now based mostly upon the bigger diploma construction, particularly in silver. Nonetheless, I’ve to additionally define the micro constructions, and I merely shouldn’t have a clearly accomplished micro construction in gold. Whereas silver has definitely supplied us with the minimal variety of waves to think about its wave [2] as accomplished, and GDX has ALMOST reached the minimal goal I needed to see, GLD has not even come near offering us with a transparent and clear 2nd wave pullback.
However, regardless of my emotions concerning the micro construction, I merely can not ignore the bigger diploma constructions if we start to interrupt out over the approaching weeks. In actual fact, expertise has taught me that when the bull market in metals takes maintain in earnest, pullbacks may be and are sometimes fairly shallow. And, that is what causes the “chasing” of worth we frequently see in metals in 3rd waves, and particularly in 5th waves.
With silver offering us with all the wave [2] pullback we might even see, and now about to finish 5 waves up (needing a micro spike…