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