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April 30th-May 1st, 2013: GLD Wave Count Update

Posted by pugsma on April 30, 2013

4:10 pm EST:  Based on the recent GLD price action, there is better than 50/50 chance that GLD has put in its P4 bottom at 130.51.  That said, I won’t change the primary count until the wave (1) of 149.44 is breached during this proposed wave (4) up of the primary count.   Assuming wave (4) remains below 149.44, then wave (5) of minor C of major [Y]-P4 should reach the 128 area, where minor C=1.23*A and major [Y]=1.23*[W].

For the alternate (blue) count, I have this minor 1 of major [1]-P5 wave reaching the 150 area, which would invalidat the primary count.  It looks 143.43 may have been the end of wave (3) of minor 1 and now a wave (4) is underway that must hold above the wave (1) high of 135.10.  So in short, a break above 149.44 before a break below 135.10 will confirm this alternate (blue) count.

GLD 60-min chart (EOD):

GLD 60-min chart EOD 4-30-13

GLD 4-hr chart (EOD):

GLD 4-hr chart EOD 4-30-13

GLD Weekly chart (EOD):

GLD weekly chart EOD 4-30-13

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