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April 25th, 2013: GLD Wave Count Update

Posted by pugsma on April 25, 2013

GLD:   The move up in GLD from 130 to 142 is at the 50% retrace point.  This is not typical for a wave (4), as 38% is usually the maximum retrace.  However the (3) of minor C of major [Y]-P4 was so larget (20 points) and quick (2 days), that this 50% retrace for wave (4) maybe the snap-back response.  So the primary count remains the same for now that wave (5) will make a new low below 130.51, but a move above this 142 area will make the alternate (blue) that P4 bottom at 130.51 much more like.  Confirmation of the P4 bottom comes on a break above the wave (1) low of 149.44.

GLD 60-min chart (EOD):

GLD 60-min chart EOD 4-25-13

GLD 4-hr chart (EOD):

GLD 4-hr chart EOD 4-25-13

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