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Sept 20th, 2013: GLD Wave Count Update

Posted by pugsma on September 20, 2013

12:15 pm EST:  Primary count on GLD is that wave (1) of minor 1 of major [3]-P5 peaked at 132.78 and now a wave (2) correction is underway that should be a 3-wave move down to a 62% retrace near 128.05.  This primary count remains valid above 125.15.  The wave (3) of minor 1 target is 140.41, where (3)=1.62*(1) and the minor 1 target is 143.5 resistance.

The alternate (blue) count on GLD is that major [2]-P5 is not yet finished and will test at least the 62% retrace target of 123.4.  The recent move up from 125.15 to 132.78 was minor B wave of major [2] at just above the 50% retrace of the minor A wave down from 137.55 to 125.15.  Now the minor C  wave down is underway head for the C=A target 121.4 to complete major [2]. This alternate (blue) count for major [2] continuing remains valid below the 137.55 high and above the 114.68 low.

Note that a break below 114.68 triggers the very bearish alternate (red) count show on the weekly chart.

GLD 60-min chart (mid-day):

PUG GLD 60-min MD 9-20-13

GLD 4-hr chart (mid-day):

PUG GLD 4-hr MD 9-20-13

GLD weekly chart (mid-day):

PUG GLD weekly MD 9-20-13

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