Another thing that could be dragging on the MYL SP at the minute is the performance of Pb & Zn over last 12 months.
Lead is currently trading at about the same price it was this time last year and zinc is well below where it was 12 mths ago, see the 5 year charts below. All the base metals bottomed in early 2016, IMO despite Pb & Zn being in downtrend since early 2018 I believe they will begin to track higher in the not too distant future.
On a longer term timeframe they (Zn, Pb) are still in uptrend from early 2016, from an Elliott Wave perspective they look to have completed wave 1 up and could be approaching the bottom of wave 2 down, Pb is looking like it may have begun its' wave 3 up. I am bullish on base metals over the next 2 to 3 years
View attachment 1729336View attachment 1729338Without the recent surge in Ag MYL may have broken below 5c, there has been a wee bit of cheering for Ag hereabouts lately, I must admit to urging Ag on a bit as well.
