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December 13th, 2013: GLD Wave Count Update

Posted by pugsma on December 13, 2013

5:15 pm EST:  The 117.23 low from last week held this week.  Thus the primary wave count that wave [2]-P4-C5 bottomed at the 88% fib retrace is still valid.  This weeks GLD wave action could be a i-ii, 1-2 start to wave (1) of minor 1 of major [5]-P5-C5.  The wave iii of (1) target is at 126.66, where iii=2.61*i.   I’m looking for wave (1) of minor 1  to reach the 130.5 resistance area.

Should GLD drop below the P4-C5 low of 114.68, then the primary count will become in valid and the alternate (red) count will take over (near term red count targets are shown on the 60-min chart).  Note that the primary count would be strengthened and the alternate (red) would be damaged on a move above 124.91 and then above 131.44.

GLD 60-min chart (EOD):

PUG GLD 60-min chart 12-13-13

GLD 4-hr chart (EOD):

PUG GLD 4-hr chart 12-13-13

GLD weekly chart (EOD):

PUG GLD weekly chart 12-13-13

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