Sept. 5th, 2013: GLD Wave Count Update
Posted by pugsma on September 5, 2013
1:10 pm EST: With this deeper correction in GLD below 133.7, the primary wave count is updated to show this correction as a minor 4 of major [1]-P5. The 38% retrace for this minor 4 wave is at 132.23 and today GLD touched 131.80. Assuming minor 4 ends in this 132 area, the first minor 5 target is at 141.5 where minor 5 = 0.62*minor 1. Note: That a move above the minor 3 high of 137.55 is required to confirm this primary count and that move below the minor 1 high of 130.14 during wave 4 would invalidate the primary count and confirm the alternate (blue) count.
The new alternate (blue) wave count for GLD is that major [1]-P5 ended at 137.55 and the major [2]-P5 correction is underway headed to a target area of 126.1 to 123.4, which is the 50%/62% retrace target range. I’m looking for a simple minor A-B-C correction for major [2]. This alternate (blue) count remains valid as long as GLD remains above the P4 low of 114.67
GLD 60-min chart (mid-day):
GLD 4-hr chart (mid-day):
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