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February 22nd, 2017: GLD Chart Update

Posted by pugsma on February 22, 2017

1:45 pm EST:  The GLD primary count is that minor 2 of major [C]-P2-CC is underway that should retrace 50%/62% to 115.71/115.01.  From there waves minor 3, 4 and 5 should propel GLD to the P2 62%/78% retrace target of 121.99/125.84.  The primary count remains valid for minor 2 above the major [B] low of 112.82.

The alternate (blue) count is that P2-CC topped at 118.51, just below the 50% retrace of 119.08.  The initial stages of the P3-CC wave down to new lows below 100.01 should be underway.   This alternate (blue) count remains valid below 118.51.

GLD 60-min chart:


GLD 4-hr chart:


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