PUG Stock Market Analysis, LLC

Elliott Wave Technical Analysis and Commentary on the Stock Market

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:

PUG GLD 4-hr 2-1-16

GLD daily chart:

PUG GLD Daily 2-1-16

GLD weekly chart:

PUG GLD Weekly 2-1-16

 

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