October 17th, 2013: GLD Wave Count Update
Posted by pugsma on October 17, 2013
11:20 pm EST: Primary count is that GLD major [2]-P5 bottomed at 121.85 just above the Y=W target of 120.38. I’m looking for wave iii-(1) of minor 1 of major [3]-P5 to reach the iii=2.62*I target of 128.22 and wave (1) of minor 1 to reach the 130.5 resistance. Minor 1 should reach the 143.5 to 148.5 resistance area. GLD needs to break the 137.55 high to confirm this primary count. A break below 114.68 before a move above 137.55 would confirm the alternate (red) count shown on the weekly chart.
GLD 60-min chart (mid-day):
GLD 4-hr chart (mid-day):
GLD weekly chart (mid-day):
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