Followers | 682 |
Posts | 142059 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
![](https://investorshub.advfn.com/uicon/35728.png?cb=1539773763)
Saturday, June 04, 2022 2:38:55 PM
By: Avi Gilburt | June 2, 2022
• Following the Elliott Wave analysis:
As I have been saying for several weeks now, the silver chart has been providing us with the clearest signals in the metals complex. Therefore, I have been hyper-focused on silver of late.
But, even where silver is positioned right now does cause a bit of consternation. You see, the structure into last week’s high did not clearly look complete. Rather, there is a reasonable interpretation that would suggest that high is a (b) wave within an expanded b-wave structure, as I have outlined on the 8-minute silver chart. Therefore, the 5-wave decline we just saw into today’s low could easily be a [c] wave within a b-wave.
But, in order for that expanded structure to be accurate, we need to see a clear 5-wave rally off today’s low. And, I cannot say that this is what the silver market has clearly presented to us today. Rather, it is looking a bit more like a 3-wave rally structure thus far.
Therefore, if we see an impulsive decline from today’s high, that will likely signal that wave iv (red) is indeed complete, and that we have begun a decline in wave v of the c-wave of [2], pointing us down into the 19-20 region.
Now, if you have been following closely, you would know that I am almost “hoping” for a lower low in the GDX. That would re-set the count, as shown in yellow, and likely set us up to start a true impulsive rally. That type of rally would be much more tradable than a diagonal structure. Until then, I am giving GDX a bit of room to let me know if we can get that lower low or not. And, if we get that lower low, it will be completed with a positive divergence on the daily chart, which would make that lower low a strong buying opportunity.
And, as far as GLD, well, I think we may be stuck in a larger diagonal, so even though I do expect much higher to be seen in the coming year or so, I do not think the structure will be easily tradable.
![](http://www.elliottwavetrader.net/images/charts/202206/full-b0d4df62915c79cba38931379c862359101ddf1f.jpg)
GDXdaily
![](http://www.elliottwavetrader.net/images/charts/202206/full-8d017f6e231c85d55917877a70bdd12ebeba3bb7.jpg)
GLDdaily
![](http://www.elliottwavetrader.net/images/charts/202206/full-914b2709421dc3a695ff698ebe1966b8e6fc1f43.jpg)
silver-8min
![](http://www.elliottwavetrader.net/images/charts/202206/full-52b01580bd40014bd19a1270537e3840697b18f5.jpg)
Silver-144min
Read Full Story »»»
![](http://studentaid.gov/universal-navigation/assets/us_flag_small.png)
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GDX News
- YieldMax GDXY Name Change • GlobeNewswire Inc. • 01/25/2024 04:22:00 PM
- Surging S&P 500 Breadth • ValueWalk • 07/19/2023 03:16:37 PM
- S&P 500 Corrects In Breadth • ValueWalk • 07/18/2023 03:08:49 PM
- If The USDX Fell So Much, Why Didn’t Gold Truly Soar? • ValueWalk • 07/17/2023 05:16:20 PM
- USD’s Decline That’s… Bearish For Gold?! • ValueWalk • 07/12/2023 02:38:08 PM
- S&P 500 Late Day Reversal Worry • ValueWalk • 07/10/2023 03:17:34 PM
- Massive Gaming Celebrates Global Launch of House of Blackjack with USDC Earning Race • ValueWalk • 07/10/2023 02:44:17 PM
- Breathers In Mining Stocks Are Not Real Rallies • ValueWalk • 07/06/2023 05:20:55 PM
- S&P 500 Character Changes • ValueWalk • 07/06/2023 03:10:06 PM
- S&P 500 – As Bullish As It Gets • ValueWalk • 07/03/2023 04:01:21 PM
- The Great Gold Migration: How Asia Is Dominating The Global Gold Landscape • ValueWalk • 06/30/2023 05:07:35 PM
- S&P 500 Dip Buying And Tame PCE • ValueWalk • 06/30/2023 03:34:13 PM
- The Bullish Reversal In Gold Is Coming • ValueWalk • 06/29/2023 04:00:44 PM
- Insufficient S&P 500 Rotations • ValueWalk • 06/27/2023 02:41:42 PM
- Failing S&P 500 Rotations • ValueWalk • 06/23/2023 03:09:19 PM
- Countdown to S&P 500 Downleg • ValueWalk • 06/19/2023 01:49:20 PM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM
Snakes & Lattes Opens Pop-Up Location at The Wellington Market in Toronto: A New Destination for Fun and Games - Thanks 'The Well', PepsiCo, Indie Pale House & All Sponsors & Partners for Their Commitment & Assistance Throughout The Process • FUNN • Jun 13, 2024 8:18 AM
HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • HLYK • Jun 12, 2024 8:00 AM
Ubiquitech Software Corp (OTC:UBQU) Posts $624,585 Quarterly Revenue - Largest Quarter Since 2018 • UBQU • Jun 11, 2024 10:13 AM
Element79 Gold Corp Files for OTCQB Uplisting, Provides Financial Update • ELEM • Jun 11, 2024 9:25 AM