PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

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):

PUG GLD 4-hr EOD 11-18-15

GLD daily chart (EOD):

PUG GLD daily EOD 11-18-15

GLD weekly chart (EOD):

PUG GLD weekly EOD 11-18-15

 

Sorry, the comment form is closed at this time.

 
%d bloggers like this: