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Elliott Wave Analysis of GLD (aka (GOLD)


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#1
Nouf

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The reversal over the past 2 sessions, argues for a potential low in place.

Its reached its target, and reversed nicely, exactly what you would expect after a triangle "thrust" has finished

What we need to see is a 5 wave advance followed by a 3 wave decline

If we see a 5 wave advance that's a very strong clue of a potential major low in place

So if you are long GLD, watch for a 5 wave move, and you could look to top slice your position and re-buy lower down

Its important to understand without a 5 wave advance its likely not put in a low, but we can see a completed 5 wave decline from $164.40

Once/if we get a 5 wave advance we should see a 3 wave pullback, its here where you MUST focus on price and forget everything else

Price is all that matters, we want a 5 wave advance and a 3 wave decline

On the decline the bears will come out telling you its going to crash and all sorts and get short etc, THAT'S EXPECTED

You may feel that the market is going to go lower, watch what price does, a 2nd wave is what messes people up, bears will think its going lower but if fact if it remains as a 3 wave decline its the best thing for the bulls as you can load up and get long

Your stop and protection point is $149.10, you know where the idea is wrong, there is NO second guessing

Currently i suspect its close to ending wave [iii] of a larger wave [i], so a small dip for a 4th wave then a new high is needed before a pullback in 3 wave is needed.

I don't want to see it under $151 before a 5 wave advance


Normally i don't bother with GLD as i track and count the larger GC contract, but recently i am been playing around Stock Twits and i am impressed with the site

The larger ideas are reserved for members but this is the short term set anyone can follow

Remember we want a 5 wave advance from $149.10 then a 3 wave dip

The apex of the triangle around $155 should offer resistance, non Elliotticians will also be aware of the potential INV H&S

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