January 6th, 2021: GLD 60-min Chart
Posted by pugsma on January 6, 2021
A potential bullish Inverse Head and Shoulders (IHS) pattern has formed on the Gold ETF GLD. The Head is at 166.03, the neckline is at 183.11 and the target is a new all-time high at 200.19. The right should appears to be setting up now that should hold above the left shoulder at 174.47. A break above the neckline at 183.11 will confirm the pattern.
GLD 60-min chart:

pugsma said
GLD could back-test the down channel break-out near 176 to form the right shoulder.
pugsma said
GLD has reached the right shoulder target area of 175 of the potential bullish IHS.
William Zelnis said
THANKS! Was just going to mention that.