November 18th, 2015: GLD Wave Count Update
Posted by pugsma on November 18, 2015
4:10 pm EST: GLD price is near a key support zone at the 100.50 pivot. This 100.50 pivot goes back to the Primary 3 (P3) of Cycle 5 (C5) wave high from the year 2008 (weekly chart).
Per the red wave count, the 100.50 pivot is the target for the completion of the Primary 5 (P5) of Cycle A (CA) wave that should lead to substantial move higher of a 50% retrace to the 143 area for the Cycle B (CB) wave. However, if the blue wave count is correct then this bounce off the 100.50 pivot will likely fail below the 109.67 pivot and then make a new low below the 100.50 pivot for the completion of the Cycle C (CC) wave. There is a CC = 0.5*CA target at 93.63.
GLD 4-hr chart (EOD):
GLD daily chart (EOD):
GLD weekly chart (EOD):
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