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September 23rd, 2020: GLD Chart Update

Posted by pugsma on September 23, 2020

10:10 am EST:  GLD broke down below 179.04 and looks like the initial drop from 194.45 to 178.04 was only minute (a) of minor 4.  The minute (b) of minor 4 wave played out as a bearish descending triangle.  The (c)=(a) target is at 173.99 and the 50% Fib is at 175.75.  Thus,  I’m expecting the 174.00 pivot area hold as the end of minor 4 of major [4]-P3-C5 low per the primary (white/green) count.  For the 174 pivot area the minor 5 of major [3] targets are 202.29 to 204.05, where minor 5 = minor 1.  This primary (white/green) count remains valid above the minor 1 high at 164.42.  Below 164.42 the alternate (blue) count becomes the primary wave count with the C5 top at 194.45.

GLD Daily Chart:

Gold Technical Analysis

GLD Weekly Chart;

Gold Technical Analysis

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