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January 1st, 2015: GLD Wave Count Update

Posted by pugsma on January 1, 2015

7:45 pm EST:  GLD continues to be at an inflection point between the key levels of 109.67 and 118.99.  Which level breaks first will determine which wave count is correct.  I strongly believe that the GLD price will follow the primary lower towards 100 as the SP-500 move higher into the first half of 2015.

The primary count is that wave minor 3 of major [5]-P5-CA is headed for the minor 3 = 1.62*minor 1 target of 105.60.  Ultimately P5-CA should test the P5=P1 target of 97.51.  A break below 109.69 before above 118.99 will confirm the primary wave count.

The alternate (blue) count is that minor 3 of major [A]-PA-CB is headed for the minor 3 = 1.23*minor 1 target of 123.61.  Major [A] should reach the 125.0 area and PA should reach the 132.5 area.  A break above 118.99 before below 109.67  will confirm the alternate (blue) count.

GLD 60-min chart (12-31-14, EOD):

PUG GLD 60-min EOD 12-31-14

GLD 4-hr chart (12-31-14, EOD):

PUG GLD 4-hr EOD 12-31-14

GLD daily chart (12-31-14, EOD):

PUG GLD daily EOD 12-31-14

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