February 1st, 2016: GLD Wave Count Update
Posted by pugsma on February 1, 2016
11:30 am EST: GLD has reached and inflection point here at 2-year upper falling wedge trend-line and the 107.8 to 108.4 gap closure. However, from an E-wave perspective GLD must take out the 113.99 level to confirm the red wave count with a PA-CB target of 123.50 and a PC-CB target of 143 for a 50% Fib retrace of CA. If GLD fails to take out 113.99, then a move below the 100.23 low to the 92.00 pivot is likely per the blue wave count to complete P5-CC.
GLD 4-hr chart:
GLD daily chart:
GLD weekly chart:
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