by Avi Gilburt
For those that have been following us for some time, you may remember that, even before we bottomed, I have been looking for a 5 wave rally off the lows in the metals complex to take us to the 21-23 region in the GDX, the 122-125 region in the GLD and the 19-21 region in silver. As of Friday, we have reached our minimum targets in the GDX and GLD, but silver has seriously lagged.
As an analyst, my preference is always for the market to provide clear indications within its wave structure. And, during an impulsive structure, we do get those indications more often than not. In fact, our Fibonacci Pinball framework for Elliott Wave analysis provides us with very accurate guidance and indications within an impulsive structure a significant majority of the time. However, there are times when the market does not provide complete clarity, and that is what we are seeing at the highs in GDX and GLD.