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):
GLD 4-hr chart (mid-day):
GLD weekly chart (mid-day):
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