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April 12th, 2013: GLD Wave Count Update

Posted by pugsma on April 12, 2013

12:50 pm EST:  GLD broke the 149-150 support zone and has chosen the alternate (blue) count path soon yesterday.  This alternate (blue) count now becomes the primary count with final P4 targets ranging from 142 to 136.

The primary GLD wave count is that wave iii-(3) of minor C of major [Y]-P4 completed today at 144.34.   Currently a wave iv-(3) bounce is underway, before wave v-(3) completes near the (3)=1.62*(1) target of 142.61.   Then there could be a several week-long wave (4) consolidation before the final wave (5) of minor C move to the C=A target at 136.49.   There are intermediate targets at the C=0.62*A target of 142.98 and the 38% retrace of P3 for P4 comes in at 141.37.   The key to finding the GLD P4 bottom will be on a break above 149.44 (i.e. the wave (1) of minor C low) and a break out of the purple down channel.

Also interesting is that GLD’s rising 200-week simple moving average comes in at 136.54 and the rising 50-month simple moving average is at 136.67.  These rising 200-week and 50-month SMA’s could be the final destination with for P4.

GLD 60-min chart (mid-day):

PUG GLD 60-min mid-day 4-12-13

GLD 4-hr chart (mid-day):

PUG GLD 4-hr mid-day 4-12-13

GLD daily chart (mid-day):

PUG GLD Daily mid-day 4-12-13

GLD weekly chart (mid-day):

PUG GLD Weekly mid-day 4-12-13

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