PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

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):

PUG GLD 60-min chart MD 5-30-14

GLD 4-hr chart (mid-day):

PUG GLD 4-hr chart MD 5-30-14

GLD weekly chart (mid-day):

PUG GLD weekly chart MD 5-30-14

Sorry, the comment form is closed at this time.

%d bloggers like this: