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June 26th, 2013: GLD Wave Count Update

Posted by pugsma on June 26, 2013

5:00 pm EST:  The descending triangle in GLD that formed between 143.43 to 130.51 broke down and classic triangle target is 130.51 – (143.43-130.51) => 117.59.  Today GLD traded down to 118.06 in a 5-wave move since break below 130.51 last week.  The P4 bottom should be near.   If not and GLD trades below the P1 high of 100.44, the 2011 high of 185.85 will be the P5 top for GLD and GLD will be in a longer term bear market.

After the P4 low near 117.59, I have a first upside target of 130.0 for wave minor 1 of major [1]-P5.   A move up to 130 will back-test the descending triangle break-down.

GLD 60-min chart (EOD):

PUG SP-500 GLD 60-min chart EOD 6-26-13

GLD 4-hr chart (EOD):

PUG SP-500 GLD 4-hr chart EOD 6-26-13

GLD daily chart (EOD):

PUG SP-500 GLD daily chart EOD 6-26-13

GLD weekly chart (EOD):

PUG SP-500 GLD weekly chart EOD 6-26-13

This entry was posted on June 26, 2013 at 5:01 pm and is filed under GLD. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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