Markets
GDX, GDXJ, SILJ and SIL are all on IT (weekly) degree sells this week.
Usually, those run 3-4 wks on average.
The monthlies remain relatively constructive, so this will likely be just an ABC (but from lower highs).
Re SPX and market indices, I have support at 5580 for the end of a minor iv th wave correction.
A bigger correction seems likely to arrive in the first half of Sept.
New highs appear probable later in the year.
Things get more interesting in 2025.
Prescient. Certainly looks like silver will be leaving $30 behind…but heading in the opposite direction most had hoped for!!
5580 didn’t hold for long. So its R now. (Getting regained?)
For Ux folks, big trouble.
I’m also on sells for URNM and URNJ, and that likely means 5 down coming if we get new lows.
If so, then after the (multi month) reaction move as ABC, even more trouble looms. That ABC for Ux could line up with Equity Bubble’s final bull gasp.
Whats Ux?