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April 15th, 2013: GLD Wave Count Update

Posted by pugsma on April 15, 2013

12:55 pm EST: GLD broke its 200-week SMA at 136 on the larger gap down today.

Here are the updated charts for GLD. With the move below the 136 target today, there are next the next confluence of Elliott Wave targets around 128 for the end of P4, including a P3 retrace of 50% and the wave 4 (i.e. [4]-P3) of previous degree (see the weekly chart). Note that since P4 has retraced near 50% of P3 it is likely that GLD will struggle to make new high for P5 and may double top at 186 over the next year or two.

Also note that the GLD wave count for this being a P4 wave remains valid above the P1 high of 100.44. If the 100.44 level is breached, then 185.85 will remain as the P5 top of GLD for a long time into the future.

GLD 15-min chart (mid-day):

PUG GLD 15-min mid-day 4-15-13

GLD 60-min chart (mid-day):

PUG GLD 60-min mid-day 4-15-13

GLD Daily chart (mid-day):

PUG GLD Daily mid-day 4-15-13

GLD Weekly chart (mid-day):

PUG GLD Weekly mid-day 4-15-13

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