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November 2nd, 2014: GLD Wave Count Update

Posted by pugsma on November 2, 2014

11:45 pm EST:   GLD continues to fall in a tight down channel for wave P5-CA.   The move down from 118.71 to 111.66 looks to have ended wave (3) of minor 5 of major [3]-P5-CA of the primary wave count.  There should be a small wave (4) retrace to 113.28 (23%) to 114.34 (38%) before wave (5) of minor 5 of major [3] heads for the major [3]=4.21*[1] target of 106.39.  The final P5=P1 target is at 97.65.

The alternate (blue) count is that 111.66 completed wave (3) of minor 5 of major [5]-P5-CA.  There should be a small wave (4) retrace to 113.28 (23%) to 114.34 (38%) before wave (5) of minor 5 of major [5]-P5 heads for the P5 = 0.62*P1 target of 109.59.

GLD 60-min chart (10-31-14 EOD):

PUG GLD 60min chart EOD 10-31-14

 

GLD 4-hr chart (10-31-14 EOD):

PUG GLD 4-hr chart EOD 10-31-14

 

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