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Avi is founder of ElliottWaveTrader.net, a live trading room and member forum focusing on Elliott Wave market analysis. Avi emphasizes a comprehensive reading of charts and wave counts that is free of personal bias or predisposition. A lawyer and ... more

Very Bullish Set Up In The Metals Complex

Date: Tuesday, January 31, 2017 10:01 PM EDT

There is one last issue I would like to address this weekend, and that is silver’s rally on Friday, which seems to have taken many in the market by surprise.  For those following us this past week in our Trading Room at Elliottwavetrader.net, you would know that we had a completed downside structure in place right before the market took off to the upside on Friday.  However, that does not mean that we are certainly about to take off immediately to the August highs based upon that micro-structure.  Silver still only has completed 3 waves off Friday’s low.  So, as you can see on the 144-minute silver chart, I have an alternative count for silver suggesting this is only a (b) wave rally in wave (2), as presented in yellow.  That means we CAN see another downside move to complete wave (2) before we begin the rally towards the August highs.  In fact, I sent out an update suggesting hedges to those who would like to be hedged in the complex, with stops on those hedges over Friday’s high in silver.  But, should silver be able to break out over Friday’s high, it provides us with yet another 5-wave structure to the upside, and heavily weights the potential of a break out in the bulls favor sooner rather than later.

See charts illustrating the wave counts on the GDX, GLD and Silver (YI) at https://www.elliottwavetrader.net/scharts/Charts-on-GDX-GLD-Silver-201701291477.html .

Avi Gilburt is a widely followed Elliott Wave technical analyst and author of ElliottWaveTrader.net (www.elliottwavetrader.net), a live Trading Room featuring his intraday market analysis (including emini S&P 500, metals, oil, USD & VXX), interactive member-analyst forum, and detailed library of Elliott Wave education.


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