by Avi Gilburt
In Elliott Wave parlance, 3rd waves are the segment of a trend move which provides the strongest market action. This is why we are always on the “lookout” for the set-ups for 3rd waves. Whereas silver has already seen the heart of a 3rd several weeks ago, we now may be setting up for one in the GDX and GLD.
Before we came into the past week, the market looked like the downside we have recently experienced was not yet completed, as I noted in the last weekend update:
“While I still maintain my primary larger degree expectation that we are on our way to our higher targets noted over the last several weeks, the drop has finally caused me to place an alternative count on our chart, which is represented by the GDX blue count.