April 5th, 2013: GLD Wave Count Update
Posted by pugsma on April 5, 2013
2:30 pm EST: Here are the updated GLD wave count charts.
For the primary count I have 149.44 as the bottom of major [E]-P4 triangle. This first move up will be minor 1 of major [1]-P5 and should reach the 155-156 area. GLD needs to break the pink down channel resistance to begin to confirm the primary count.
For the alternate (blue) count I have wave (1) of minor C of major [Y]-P4 at 149.44. This current move up is wave (2) of minor C and should reach the 50% (152.91) to 62% (153.74) retrace. After wave (2) concludes wave (3) should drop to the 142 area, where (3)=1.62*(1). Ultimately major P4 should reach the [Y]=[W] target near 136 or could stop at the 38% retrace target of 141.
GLD 60-min chart (EOD):
GLD 4-hr chart (EOD):
GLD daily (EOD):
GLD weekly chart (EOD):
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