January 1st, 2016: GLD Wave Count Update
Posted by pugsma on January 1, 2016
5:50 pm EST: GLD price reached the 100.50 target for the red count to complete P5-CB. This red count is now looking for multi-month move higher to a 50% retrace at 143.42. GLD price must break above 113.99 to confirm the red count. However if GLD is in the blue count, then it will bounce only to about 107.49 before resuming the move lower below 100.99 to 93.63 to complete CC. Note the maximum P5-CC low for the large Ending Diagonal (ED) is at 91.84.
GLD 4-hr chart (12-31-15 EOD):
GLD daily chart (12-31-15 EOD):
GLD weekly chart (12-31-15 EOD):
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