Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

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

Sorry, the comment form is closed at this time.

%d bloggers like this: