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March 27th, 2014: GLD Wave Count Update

Posted by pugsma on March 27, 2014

11:40 pm EST:  My current thinking here is that this rapid move down from 133.69 to 124.77 (thus far) is minor A of a major [B] triangle wave that will form between 122.50 support and 130.5 resistance over the next couple of month.   The 50% retrace for major [B] is at 124.07 ad the (c)=(a) target for minor A is at 122.89, which is just above the 121.77 62% retrace.

Also note the large inverse head and shoulders (IHS) pattern forming on the 4-hr chart that measures to 150.67, which agrees with the major [C]-PA target area.

GLD 60-min chart (mid-day):

PUG GLD 60-min chart MD 3-27-14

GLD 4-hr chart (mid-day):

PUG GLD 4-hr chart MD 3-27-14

GLD weekly chart (mid-day):

PUG GLD weekly chart MD 3-27-14


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