June 14th, 2013: GLD Wave Count Update
Posted by pugsma on June 14, 2013
12:55 pm EST: The primary count is that GLD is a wave (3) of minor 3 of major [1]-P5 headed for a (3)=1.62*(1) target of 149.98. For the primary count to be confirmed GLD needs to break above 139.30. The major [1]-P5 target is about 156 sometime in the fall of 2014.
The alternate (blue) count is that GLD wants to make one more lower, low below 130.51 to complete wave v-(5) of minor C of major [Y]-P4. The target is at 127.31 where [Y]=1.23*[w]. There is also the 50% retrace of P3 target at 127.33. A break down below 130.51 will confirm the alternate (blue) count.
GLD 60-min chart:
GLD 4-hr chart:
GLD weekly chart:
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