November 1st, 2013: GLD Wave Count Update
Posted by pugsma on November 1, 2013
6:00 pm EST: GLD primary count has wave (2) of minor 1 of major [3] complete or nearly complete today at 126.05, which was between the expected 50%/62% retrace targets for wave (2) of 126.64 and 125.49. Wave (3) of minor 1 should be underway soon that will target 141.59, where (3)=1.62*(1) and minor 1 should reach the 143.5 resistance area toward the end of 2014.
This primary count for GLD needs break above 131.44 before breaking below 121.85 to be proven valid. A break below 121.85 would put the primary count in jeopardy andd a break below 114.68 would invalidate the primary count ushering in the very bearish alternate (red) count shown on the GLD weekly chart.
GLD 60-min chart (EOD):
GLD 4-hr chart (EOD):
GLD weekly chart (EOD):
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