May 30th, 2014: GLD Wave Count Update
Posted by pugsma on May 30, 2014
12:05 pm EST: GLD continues to follow the primary wave count lower as expected. Wave iii-(3) of minor C of major [B]-PA-CB is underway headed for the iii=2.62*i target of 118.59 and the wave (3) target is 117.87, where (3)=1.62*(1). That target for the completion of major [B]-PA-CB remains at C=A = 117.67. A move back above 122.84 would confirm that the major [B] low is in place.
The only suspense now is that maybe PC-CA did not complete at 114.46 in late Dec 2013. Thus, the move up in early 2014 to 133.69 was the completion of major [4]-PC-CA and now major [5]-PC-CA is playing out with the major [5] = [1] target of 109.06 per the alternate (blue) count. Wave minor 3 of major [5] is underway with a target of 111.11, where minor 3 = 1.62*minor. It will take a break below 114.46 to confirm the alternate (blue) count and invalidate the primary count.
GLD 60-min chart (mid-day):
GLD 4-hr chart (mid-day):
GLD weekly chart (mid-day):
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