PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

May 20th, 2013: GLD Wave Count Update

Posted by pugsma on May 20, 2013

12:50 pm EST:  The primary GLD count is that minor 2 of major [1]-P5 bottomed today at 130.85, just above the P4 low of 130.51.  The target for minor 3 is at 164, where minor 3 = 2.62*minor 1.  Any move below 130.51, will invalidate this primary count and confirm the alternate (blue) count.

The alternate (blue) count is that wave iii-(5) of minor C of major [Y]-P4 bottomed today at 130.85 and that a wave iv-(5) move up is underway that will eventually fail below wave i-(5) low of 139.30 leading to drop down to 127-128 to complete wave v-(5) of minor C of major [Y]-P4.  Any move above 139.30 will invalidate this alternate (blue) count and confirm the primary count.

GLD 60-min chart (mid-day):

PUG GLD 60-min chart mid-day 5-20-13

GLD 4-hr chart (mid-day):

PUG GLD 4-hr chart mid-day 5-20-13

Sorry, the comment form is closed at this time.