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January 30th, 2014: GLD Wave Count Update

Posted by pugsma on January 30, 2014

12:00 pm EST:  Time to align the GLD wave count with the SP-500 count, assuming they will remain inversely related over the next few months.  As long as the primary count for the SP-500 continues to remain valid and forecast new highs above 1851 towards 1900, then it GLD looks like it will remain in a primary wave count down trend headed for $100 to $102, as long as the $125.15 level is not breached.

The primary count is that GLD completed minor 4 of major [5]-PC-CA at 122.51 right at the upper down channel edge for this major [5] wave down.  Now the minor 5 wave down is underway with targets of minor 5 = minor 1 at $110.11 and minor 5=1.62*minor 1 at $102.42.  There is also a major [5]=[1] target at $112.92 and PC=1.62*PA at $113.61.  This primary count for GLD remains valid below the minor 1 of major [5] low of $125.15.

The alternate (blue) count is that GLD did indeed bottom minor 5 of major [5]-PC-CA at $114.46 as originally thought.  This means that a major [A]-PA-CB wave is underway headed for the $130 resistance area.   Right now it looks like wave (2) of minor 3 of major [A]-PA-CB is underway that should correct down to the 62% retrace target of $119.16 before wave (3) of minor 3 heads toward the minor 3 = 1.62*minor 1 target of $126.72.   This alternate (blue) count remains valid with wave (2) of minor 3 above the minor 2 low of $117.11.  Note that a potential Inverse Head and Shoulders Pattern has formed with Head at $114.46 and neckline at $122.50 that projects to $130.54.

GLD 60-min chart (mid-day):

PUG GLD 60-min chart MD 1-30-14

GLD 4-hr chart (mid-day):

PUG GLD 4-hr chart MD 1-30-14

GLD weekly chart (mid-day):

PUG GLD weekly chart MD 1-30-14

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