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October 3rd, 2014: GLD Wave Count Update

Posted by pugsma on October 3, 2014

7:45 pm EST:  GLD continues to move lower towards the P5-CA target of 97.65, where P5=P1.

Major [1] 129.21 to 124.36 and  Major[2] was 124.36 to 126.81.

Major [3] target is [3]=2.62*[1] = 126.81 – 2.62*(129.1-124.36) = 114.10.

So major [3] should be wrapping up soon near the 114.5 pivot and then a major [4] consolidation (23% retrace 117.02) before continuing to drop for major [5].

Alternately (blue count), major [3] could extend lower to the [3]=4.21*[1] = 106.39 before we see the major [4] bounce (23% retrace 111.08) and then the final major [5] drop.

GLD 60-min chart (EOD):

PUG GLD 60-min chart EOD 10-3-14

GLD 4-hr chart (EOD):

PUG GLD 4-hr chart EOD 10-3-14

GLD daily chart (EOD):

PUG GLD daily chart EOD 10-3-14

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