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May 2nd, 2014: GLD Wave Count Update

Posted by pugsma on May 2, 2014

12:30 pm EST:   GLD jumped up to 125.67 so far today and the wave count is right on schedule.  It looks wave major [B] bottomed at 122.84 near the 62% retrace of 122 and wave minor 1 of major [C]-PA-CB is underway headed for the 130.5 pivot area target.  The major [C]=[A] target is 142 for a minimum PA completion area and there is also the 50% retrace target and a IHS target near 150 should PA extend higher.  Wave count details are shown on 60-min chart.  To get moving higher, GLD needs to break the 13-day EMA, 34-day EMA and 50-day SMA and 200-day SMA ribbon between 125 and 127.

GLD 60-min chart (mid-day):

PUG GLD 60-min chart MD 5-2-14

GLD 4-hr chart (mid-day):

PUG GLD 4-hr chart MD 5-2-14

GLD daily chart (mid-day):

PUG GLD 4-hr chart MD 5-2-14

GLD weekly chart (mid-day):

PUG GLD weekly chart MD 5-2-14


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