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Sept 12th, 2013: GLD Wave Count Update

Posted by pugsma on September 12, 2013

Sept 13th, 3:15 pm EST:   GLD hit the 50% retrace target for major [2]-P5 at 126.21 today.  The are two short-term possibilities from here:

  1. Primary count: The major [2] low is place and GLD will been an impulsive move higher in the minor 1 of major [3] wave towards the 137 to 143 area.   Moving above the 130.5 resistance would make the primary count more likely and clearing 137.55 is needed to confirm this primary count.
  2. Alternate (blue) count: The wave (a) of minor W of major [2] is in place at 126.21 and there will now be a wave (b) bounce of about a 50% retrace to the 130.5 resistance before wave (c) of minor W reaches the 62% retrace target of 123.37.

GLD 60-min chart (9-13, afternoon):

PUG GLD 60-min chart after 9-13-13

9-12, 9:45 am EST:  With the GLD  price break below 130.14, GLD has chosen the alternate (blue) count.  The GLD primary count is that major [1]-P5 peaked at 137.55 and major [2] is headed for the 50%/62% retrace area of 126/123.   This primary count for will remain valid as long as this major [2] wave holds the P4 low of 114.68.

GLD 60-min chart (morning):

PUG GLD 60-min chart morn 9-12-13

GLD 4-hr chart (mid-day):

PUG GLD 4-hr chart MD 9-12-13

GLD weekly chart (mid-day):

PUG GLD weekly chart EOD 9-12-13

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