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January 2nd, 2014: GLD Wave Count Update

Posted by pugsma on January 2, 2014

GLD looks like it has found the bottom of the PC-CA wave at 114.46 on Dec 31st, 2013.  This is the same the SP-500 may have made an important intermediate term top of P3-C1 at 1849.  In June of 2013 GLD also bottomed at 114.68 and then bounce to 137.55.  Thus, there is now a double bottom at 114.46 in place that measures to a target of 160.64.  GLD looks like it is poised to potentially have a strong gain during 2014 in the PA-CB wave with a 50%/62% retrace target of 150-158, the latter of which corresponds to the double bottom target.  Note the positive divergence of the MACD with respect to the new GLD price low of 114.46 on the GLD weekly chart.

In the short-term, I’m looking for 5-wave up to the 120-122 area for minor 1 of major [A]-PA-CB.  GLD broke above the key 118.03 level today and broke up of the bullish falling wedge pattern.  I’m looking for minor 2 to hold a 50% retrace of minor 1 near 117-118, before minor 3 heads towards 130, where minor 3=1.62*minor.  Major [A] should end in the 132-137 area.

GLD 60-min chart (EOD):

PUG GLD 60-min EOD 1-2-14

GLD 4-hr chart (EOD):

PUG GLD 4-hr EOD 1-2-14

GLD weekly chart (EOD):

PUG GLD weekly EOD 1-2-14

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