, I wanted to present the picture, as I see it, in the metals. While we have been looking for a bounce from the 21 region, we are still questioning if this bounce is a wave ii or the start of a wave 5 in green, to complete the bigger c-wave higher. However, since we are going into the night session and tomorrow can be considered a market catalyst, you may want to book or protect profits you may have earned on this short term long play, if you so choose.
Also, since GLD is closer to its prior high than silver, you may want to take a cue from the GLD, and see if it is able to exceed 130.62, as that would invalidate a potential i-ii pattern to the downside in GLD, and could make it a little more likely that silver is heading up to complete wave 5. But, please do not simply assume that new highs are a slam dunk at this time.
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