May 10th, 2013: GLD Wave Count Update
Posted by pugsma on May 10, 2013
3:50 pm EST: It’s looking more and more like GLD made have made a lasting bottom at 130.51 and I have now made this the primary wave count. However this won’t be confirmed until the GLD price moves above 149.44 before dropping below 130.51.
Today’s drop to 137.26 was almost precisely a 50% retrace of the move up from 130.51 to 143.43 and this looks like a minor 2 of major [1]-P5 per the primary count. As long as minor 2 holds above 130.51, then minor 3 should make a new high above 143.43. I have a minor 3 target at 158.1, where minor 3 = 1.62*minor 1. Ultimately major [1]-P5 should reach the 164 area.
The alternate (blue) count is that the move up to 143.43 was only wave (4) of minor C of major [Y]-P4 and there will be a new low near 127-128 for P4 in the coming weeks.
GLD 60-min chart (EOD):
GLD 4-hr chart (EOD):
GLD daily chart (EOD):
GLD weekly chart (EOD):
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