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):
GLD 4-hr chart (EOD):
GLD weekly chart (EOD):
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