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November 20th, 2013: GLD Wave Count Update

Posted by pugsma on November 20, 2013

9:55 pm EST:  GLD continues to sink lower making the alternate (red) count more and more likely.   There is a head and shoulders with head at 137.55 and a neck-line at 122.85 that is now broken and target of 106, which fits with the alternate (red) count target of 106 for minor 3 of major [5]-PC-CA.

For the primary count the triple Zig-Zag is still correcting in third Zig-Zag for major [2]-P5-C5 with a target between the 78% fib retrace of 119.71 and the 88% retrace of 117.42.  There is a (c)=0.62*(a) target at 118.88 for the end of minor Z of major [2].  For this primary count to remain valid the P4 low of 114.68 must not be breached during this major [2]-P5 correction.

Note: it will take a break above 131.44 to invalidate the alternate (red) and break below 114.68 invalidate the primary count.

GLD 60-min chart (morning):

PUG GLD 60-min chart morn 11-20-13

GLD 4-hr chart (morning):

PUG GLD 4-hr chart morn 11-20-13

GLD weekly chart (morning):

PUG GLD weekly chart morn 11-20-13

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