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June 2nd, 2014: GLD Wave Count Update

Posted by pugsma on June 2, 2014

5:15 pm EST:  Here is look at the short-term GLD wave count on the 60-min and 4-hour charts.

GLD 60-min chart (EOD):

PUG GLD hourly chart EOD 6-2-14

GLD 4-hr chart (EOD):

PUG GLD 4-hr chart EOD 6-2-14

4:00 pm EST:   I decided to go back and look at the Gold historical prices and wave count from the year 1770 to present (as published here back in Dec 2013).  In my opinion my GLD count has previously labeled was being rushed.  Gold is currently correcting an 82 year Super Cycle degree impulse wave up that began in 1929 and ended in 2011.  This Super Cycle degree Wave (Cycle A-B-C) should last least a decade and maybe a couple of decades. Thus, the first Cycle A wave should last from 2011 to 2015/2016, as shown on the GLD weekly chart below.

It looks like GLD Primary 3 (P3) of Cycle A (CA) completed at 114.68 back in the summer of 2013.  And since that time GLD has been trapped within a bearish, descending triangle for Primary 4 (P4).   The move up from 114.68 to 137.59 was major [A], the move down from 137.59 to 114.46 wave major [B], and the move up from 114.46 to 133.69 was major [C].  The current move down from 133.69 towards 114.50 is major [D].  Once it complete there should be one more move up from 114.50 to the 130.50 pivot to complete major [E]-P4 of the descending triangle.   From the P4 high near the 130.50 pivot, the P5=P1 target to complete Cycle A (CA) is at 98.84, which is Gold price of about $1038.

GLD Daily Chart (EOD):

PUG GLD daily Chart EOD 6-2-14

GLD Weekly Chart (EOD):

PUG GLD Weekly Chart EOD 6-2-14

Gold Historical Prices Year 1700 to Present (Dec 2013):

pug-gold-historical-prices-1792-to-2013-12-19-131

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