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November 15th, 2013: GLD Wave Count Update

Posted by pugsma on November 15, 2013

1:20 pm EST:  A new low for GLD was made this week at 121.73.  This means the major [2]-P5-C5 correction did not end at 121.85 in early October  and could have ended at 121.73.   The major [2] wave move down from 137.55 to 121.73 is very messy and now counts best as a triple zig-zag, W-X-Y-X-Z.   However, there are also deeper major [2] retrace targets at 119.7 and 117.4 should GLD prices sink further.  The limit for the primary GLD wave count for major [2] is at the P4 low of 114.68.  A move below 114.68 would make the alternate (red) count move likely.   Conversely a move above 137.55 will invalidate the alternate (red) count.

There are some proposed beginning wave count details for wave (1) of minor 1 of major [3]-P5-C5 beginning from 121.73, should 121.73 hold as the major [2] low.  However, it’s far too early in the move up of 121.73 to know for sure.  A break above 126.05 before below 121.73 would certainly help the primary wave counts probability.

GLD 60-min chart (mid-day):

PUG GLD 60-min chart MD 11-15-13

GLD 4-hr chart (mid-day):

PUG GLD 4-hr chart MD 11-15-13

GLD weekly chart (mid-day):

PUG GLD weekly chart MD 11-15-13

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