Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with Gold technical analysis, stock analysis and more. Read our technical analysis blog to learn more today.

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

Sorry, the comment form is closed at this time.

%d bloggers like this: