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November 9th, 2014: GLD Wave Count Update

Posted by pugsma on November 9, 2014

12:40 pm EST:  GLD hit 109.67 and reversed on Friday, Nov 7th.   109.58 was the P5=0.62*P1 target to complete P5-CA of the alternate (blue) count.

For the alternate (blue) count has the Primary 5 of Cycle A (P5-CA) wave ending at 109.67, we now need to see GLD break the down channel above 120.50 to  begin to confirm the count that Cycle A (CA) wave has ended on GLD.  With full confirmation coming on a move above 124.36, the major [1]-P5-CA low.

The primary count has the major [3]-P5-CA wave ending at 109.67, coming up a few points short of the major [3] = 4.21*[1] target of 106.39.  We are now looking for a minor A-B-C zig-zag to complete major [4]-P5-CA at the 23%/38% fib retrace targets of 113.61/116.18.  After major [4] completes there should then be a major [5] wave down to at least the major [5]=1.62*[1] target of 105.75 and more likely the P5=P1 target of 97.65.

GLD 60-min chart (EOD, 11-7-14):

PUG GLD 60-min chart EOD 11-7-14

GLD 4-hr chart (EOD, 11-7-14):

PUG GLD 4-hr chart EOD 11-7-14

GLD daily chart (EOD, 11-7-14):

PUG GLD daily chart EOD 11-7-14

GLD weekly chart (EOD, 11-7-14):

PUG GLD weekly chart 11-7-14

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