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May 2nd, 2013: GLD Wave Count Update

Posted by pugsma on May 2, 2013

2:25 pm EST:  If the primary count is going to play-out on GLD to a new low below 130.51, then 143.43 is going to need hold as the wave (4) high and this wave ii-(5) of minor C of major [Y]-P4 needs to remain below 143.43.   Basically the GLD primary count needs a rapid drop from here in wave iii-(5) that takes out the 135.11 level, which would invalidate the alternate (blue) count.

The alternate (blue) is that the wave (4) of minor 1 of major [1]-P5 low was put in at 139.30 and this move up is wave (5) that should reach a 144.2 target, where (5)=(1) or 146.59 where (5)=1.62(1).  This alternate (blue) count remains valid above the wave (1) high of 135.11.

So in the very near term for GLD, a move above 143.43 and we have the alternate (blue) and a move below 135.11 we have the primary count.

GLD 60-min chart (afternoon):

GLD 60-min chart after 5-2-13

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