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):
GLD 4-hr chart (EOD):
GLD daily chart (EOD):
GLD weekly chart (EOD):
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