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