It´s about time for a Big Picture PM update I would say. We have had and are having a lot of very interesting and exciting developments in the charts. We are going to cover a lot of charts in this one.

Starting off right away with the US dollar plus the Euro. Below are the weekly charts for $USD and $EURUSD. I was looking for a pop ´n drop move for $USD here with the pop lasting 1 to 2 months, and also said that it won´t be much of a pop. We got that short lasting weak pop. We then got a weekly gap below my weekly support line. And the fact that we gapped makes me think that there is not much risk I would say that we get a strong BMR move here now. We might though hang around here for a couple of weeks looking at the US dollar charts below since we are down against some other big support lines now, but then again, we did not have much of a BT on the way up so we might not get that going down. MACD looks like it wants to take off soon but my guess is that we get just a kiss here. As said, I am looking for an extremely left translated next weekly YC.

$EURUSD broke out just as expected 8 months ago and it now seems to be ahead of $USD here almost. Could be because the $EURUSD has entered its thin zone which I have mentioned several times were coming up.

The grey box areas are not changed or moved since I first put them there. Will move the right ones just a bit when we are sure that we do not get much of a BT/pull back. This goes for all grey boxes for $USD and $EURUSD in this post.

Below is one of the charts I used early this year to track my FBO, the longer term daily $USD showing a symmetrical expanding wedge/megaphone. This chart is BT its support line right now.

And my weekly charts for USDU and UUP are also BT right now, below

Continuing with the monthly charts of the two below. Here we have a BO from my DT on $USD and soon hitting the massive support line of the monthly/quarterly falling wedge, left. And interestingly, the thin zone for $USD which I have mentioned for 8 months begins at circa 91, right below the now massive support line that is.
And on $EURUSD to the right we have entered the thin zone as said above. And also here there were no BT going down which means that there is maybe no BT on the way back up.

The quarterly $USD below to the left shows that we have broken the massive support line. Maybe we hold this quarter above the support line for the smaller green symmetrical expanding wedge.

Finally then for the $USD we have a fabulous chart below, the monthly stripped of its notations so the message gets a bit clearer. Look at that mother of all double around the apex moves; price plus MACD. That is just stylish, real stylish.

We have two more currency related charts, below. They show clearly, as I have posted previously, the awesome correlation between $EURUSD, $WTIC, $HUI and the commodity currencies. Note that these two charts are important in order to read the direction of things.

My $SEKEUR chart below has BO, and since SEK/FXS tracks EUR and as the EUR also as I have proved acts like a commodity currency, I see the EUR pulling back not so much here, and this would support my thought that the USD does not really go above my weekly now resistance line, at least not by much.

Let´s look at gold now. My last Big Picture PM update I started off with saying that I saw a FBO happening on the daily $GOLD and that I saw an around the apex move coming after that FBO for my diamond/rhomb, see link below.
This is exactly what we got, see left below. The FBO was confirmed and the around the apex move also materialized beautifully. The chart to the right is the same chart but as linear and that one shows the around the apex move even more clearly I think.

And below we have zoomed in on the log chart above. This chart below shows a very nice and controlled move up from its latest ICL, forming patterns along the way.

And by the way here, note that the last major low in gold is the ICL, as shown on the daily log chart above, and not the YCL as was referred to in a post with an external link as of late. That GT-external “expert” was dead wrong and there is one very simple rule for that. The bear market low can only occur at a YCL and that means that the low back in Dec15 was the YCL which in turn means that the major low back in Dec16 was the next YCL. The last major low now in July therefore has to be the ICL, and not the YCL.

The weekly $GOLD chart below to the left is both nice and really interesting as we have now this last week reached my version of the neckline for the massive inverse h&s. The chart below should mean that this week is where price stops for this run and therefore also where this lengthened present DC turns down and with that creates a very right translated cycle, which is bullish.
And the other two charts are the quarterly line chart for $GOLD and $SILVER. These two charts show the inverse h&s and shows that we have the same pattern on both $SILVER and $GOLD.

Maybe the next YCL on the daily above will the BT to the neckline of that inverse h&s on the weekly below? Looks very possible right now I would say. If we don´t go down for a BT of that 6 year now support line that is.

Below we have three very long term charts for $GOLD. They show some very nice chartology I would say. As I said all along posting these charts; there is no chance really that we go down to the low numbers that were thrown around for a longer while.

And below to the left we have a gold chart that is as long term as I could find; 750 years (currency GBP). As I see it, it holds a circa 550 year falling wedge that BO back in 1980 and has BT. The long bear market before we started moving again back in 2000/01 was because this chart had to BT. And this is the only chart I have seen that really explains why gold made such a big move in 1980; when a 550 year bullish formation BO, it will be noted. Fantastic chart really.

The chart to the right is a 100 year inflation adjusted chart and this ones shows a coming cup & handle very similar to $SILVER´s cup & handle on its quarterly, further below.

Moving on to $SILVER. Below we have the daily and the weekly. As we see on the weekly, price confirmed the trend lines perfectly. And we now have BO on the weekly, just as we do with $GOLD.

Monthly $SILVER below in two different versions, one log and one linear. Both looking good. And look at that mega VBP volume around where price sits today.

The mother of all in-progress cup & handles below looks good. Perfect tagging of the trend lines during this present quarter. A hammer-like candle this present quarter sitting on important trend lines, together with MACD looking like that makes me think that we are off early next quarter.

Below we have another as-long-term-as-it-gets-chart and it is showing a 500+ year silver expanding falling wedge. And that just has to be the mother of all FBOs. This is another chart showing that we are all just a bunch of lucky bastards right here.

Next we have three charts below showing the SGR; the silver-gold ratio. As I have said for circa 20 months now concerning this one – we are looking good.

We finish off the metals here with $PLAT and $PALL below. They are looking good and both are close to BO.

Moving on to the miners. Four months ago I posted that I saw FBOs in the making and around the apex moves coming on most miner indexes daily charts, see link below.
And we got them, below. Two of the charts are adjusted a little as they morphed, as my daily diamond/rhomb for $GOLD did above.

Below we have the ultimate long term of XME and $CDNX. They are shown separate here as their holdings/components differ a bit from the pure PM ETFs. I love how they look. $CDNX is about to have its day in the sun and BO. The way price is acting on my $CNDX chart below is confirming my top trend line, now resistance line.

GDXJ and GDX below. These two are among my favourite ETF charts right now. Both has BO from the triangle I have been posting and overall the charts are looking more than sweet.

The true favourites however are still my ultimate long term $XAU charts, below. These match my $CRB epiphany chart I would say. Look at that line chart, it is really shaping up symmetry style.

And below we have the rest of the miner ETFs, looking great.

Looking at the majors/leaders below, they are looking very healthy. A few of these has been posted here with expressed concerns lately but looking at the charts below, we are just fine.

One that might not be feeling so good is Goldcorp, below. They have been doing one thing after another wrong but I think it will rise with the tide probably anyway.

Finishing off the charts here with a couple of more ratio/overlay charts. Below we have the miners vs the metals. And as with all charts above, we are looking good.

Then below we have the $HUI with the Euro as overlay. I have said that the Euro would play catch up on this chart and that is what we got.

Lastly, we have two charts of the $XAU vs $GOLD ratio, below. The chart to the left shows that we are right about to BO of the resistance line parabola. And on the chart to the right we have a triangle which I think is a halfway pattern.

The inverse parabola on the chart to the left also shows just how bombed out and out of whack the pm miners was, and still are. Note and contemplate that this chart also shows the last monetary system cycle period, i.e. from 1971/73. This parabola should really have gone the other way. Another chart showing that we are all just a bunch of lucky bastards being here in this situation at this point in time.

Alright, so, everything is on track as I see it, as I have said for circa 20 months now.

I have mentioned my thin zones now for a very long time. We have an upcoming thin zone bonanza in PM, plus in some commodities and some currencies. These thin zones I would say were created because of the massive US dollar rise that occurred back in 2014/15. It made many vehicles move so fast down that it created thin zones, i.e. price spans with little volume resistance. This means, as I also have said many times in my previous posts, that we most probably are looking at a major move during the Fall/Authumn to early Summer while the US dollar lets go off my weekly support line and starts dropping towards my PO of circa 80. These moves will also most probably coincide with $CRB finishing up its BT of the support line of my 220 year symmetrical expanding wedge, posted on in my Big Picture Commodities posts.
Below are the numbers for the thin zones that I have been posting for a very long time now. The $EURUSD is so far the only one that has entered its thin zone.

$GOLD 1400 – 1540
$SILVER 22 – 28
GDXJ 50 – ATH 153 (yes, that is wild, and it is very thin)
GDX 31 – ATH 64 (equally wild; not as thin as for GDXJ though)
$USD 91 – 84
$EURUSD 1,18 – 1,32

Also, I have been saying for 1,5 years that I see almost everything non-USD rise together for a longer while fairly soon, and I think we are there now, it has started. This will continue until SM has its blow off. During this ride towards its blow off SM will probably have one or two rough corrections/pull backs. One can see this phase when almost everything non-USD rises together as the transition phase towards PMs coming glory days.
To see how this might play out we need one more chart here actually I think. Below we have the ultimate long term $SPX:$HUI ratio. The first versions for this chart was a co-effort between Spock and myself maybe a year ago or so. I have now added a few things on it.
My interpretation of this ratio chart is that $HUI will be rising more than $SPX until the reverse symmetry on this chart is done, i.e. for circa maybe 1-1,5 years, and after that SM will outpace PM until it has its blow off. After that is when the real push in PM starts.

The paragraph just above also means that I still think that SM will have a parabola and blow off before PM, which I posted on for the first time back in Mar 16 and has been saying since then. See the first link in the post linked below for this.

I think the Fed will start easing again this Fall/Authumn, and as I have said before, I expect BOJ and ECB to cut down on the easing. My guess is this coincides with a meaningful correction/pullback in the SM.

We have hammer-like candles on many quarterly charts, e.g. $SILVER, plus that the quarterly $USD has just reached the support line of my 2,5 year symmetrical expanding wedge and this makes me think that there might not be much more room to advance for Sept. Also, my weekly $GOLD above has just reached my neckline for the very large inverse h&s. My guess is therefore that $USD stays just below my weekly now resistance line for Sept and then in Oct we start the drop towards my PO of circa 80, which I called for back in Jan 17. Although, there were no form of BT when going up so we might not get one going down and that would mean $USD starts to drop through my thin zone in Sept, but I do not think so, my guess is that Oct and the then new quarter is the start for this. The fireworks should start with this move, i.e. when $USD lets go of my weekly now resistance line in the chart at the top above.

See my Big Picture Series roadmap posts for where we are and where we are going, updated collected list linked below.

As we can see in the charts above, $GOLD is right up against my neckline for the weekly inverse h&s, $USD+USDU is right at their support line for their weekly large symmetrical expanding wedges, UUP is right at its support line for my weekly falling wedge and $EURUSD is up against an important resistance level (grey dotted line above on the monthly).
All this is really in favour for $GOLD BT that 6 year weekly now support line above. But as said above, we did not get any BT going down for $EURUSD or BT going up for $USD, so might not get it going down/up symmetry style, and this would mean that we do not get a bounce for $USD and that in turn would probably mean that $GOLD does not BT its 6 year now support line. However, a BT of the 6 year now support line would also mean a final tagging of the EMA30 weekly before it takes out the massive overhead neckline, and that would make perfect sense.
We will know soon.