November 29th, 2013: GLD Wave Count Update
Posted by pugsma on November 29, 2013
2:30 pm EST: GLD may have found the bottom of major [2]-P5-C5 at 119.34 near the 78% retrace of major [1]-P5-C5. However, it will take a move above 124.91 to begin to confirm the major [2] low is in place and full confirmation of the primary count does not come until GLD moves above 131.44. The primary count would become in valid on a move below 114.68.
The alternate (red) count for GLD is very much in play has long as 124.91 is not breached. The target for wave (3) of minor 3 of major [5]-PC-CA remains at 109 hwere (3)=.162*(1) and the minor 3 remains at 106, where minor 3=1.62*minor 1. Ultimately major [5]-PC-CA should reach the 86 to 76 area. The alternate (red) count would become invalid on a move above 124.91 and then 131.44.
GLD 60-min chart (EOD):
GLD 4-hr chart (EOD):
GLD weekly chart (EOD):
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