December 10th, 2014: GLD Wave Count Update
Posted by pugsma on December 10, 2014
7:05 pm EST: Looks like GLD bottomed Primary 5 (P5) of Cycle A (CA) back in early November at 109.67 and the PA-CB wave up has begun. The down channel since June has been broken and the GLD weekly MACD is about to go to bull-cross with a positive divergence, signaling an intermediate-term trend change for GLD.
The first target for GLD is the major [A]-PA-CB wave complete near 125.0. Wave minute (3) of minor 3 of major [A] is currently underway headed or a (3)=1.23*(1) target of 120.89 and he minor 3 target is at 121.15, where minor 3 = 1.62*minor 1.
Ultimately PA-CB should reach the 132.50 area and PC-CB should reach the 148.0 area over the next 9 to 12 months.
GLD 60-min chart (EOD):
GLD 4-hr chart (EOD):
GLD daily chart (EOD):
GLD weekly chart (EOD):
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