Short-Term Top Imminent

GDX (Gold Miners) Daily Chart

GDX also rallied and pulled back, similar to GLD. It has found support on the lower channel trend line and could bounce before retesting its low and engaging in additional consolidation.  

SIL (Silver) Weekly Chart

The silver weekly chart is also similar to GLD’s, and the same near-term action is expected of it. With large bases capable of bringing about much higher prices, neither should show much weakness over the short-term -- only what is required to get the indexes ready for a continued move to the upside.

PAAS (Pan American Silver Corp.) Daily Chart

As anticipated, although they have about the same chart patterns, PAAS is outperforming GDX with stronger rallies and weaker retracements. Like GDX, it needs to consolidate the recent move which took it outside of its corrective channel and, when ready, to resume its intermediate and long-term uptrend. A projection will be given when it is closer to ending its consolidation. 

BNO (U.S. Brent Oil fund)

BNO has come within a penny of its stated projection of 14.00. After touching it, it will probably need to consolidate before going for the next target of about 16.  

Summary

After meeting its 3770 projection, SPX was expected to have a good correction, which did occur price-wise. However, a reversal came right away, sending the index to a new all-time high. The next projection of ~3850 should be met next week followed by a pull-back into Jan. 18-Jan.20 and perhaps beyond.

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Charts courtesy of QCharts.

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