GLD - here's the daily chart of GLD, $GOLD
doesn't update in Stockcharts intda day.
this would be the bullish case for gold i.e. that perhaps a 5th
wave top wave major wave (1) is in place, then you get an ABC
pullback that retraces 38% to 50% of the move off the Dec lows and
hold the broken downtrend line. This ABC pullback would be
wave (2), then after that wave (3 ) starts and you gold goes to new
highs into the 2000's.
Please note: there are other ways to count this, this is the
bullish count. There is also a more bearish way to count
it.
Gold comments
Posted by matt on 29th of Feb 2012 at 11:04 am
GLD - here's the daily chart of GLD, $GOLD doesn't update in Stockcharts intda day.
this would be the bullish case for gold i.e. that perhaps a 5th wave top wave major wave (1) is in place, then you get an ABC pullback that retraces 38% to 50% of the move off the Dec lows and hold the broken downtrend line. This ABC pullback would be wave (2), then after that wave (3 ) starts and you gold goes to new highs into the 2000's.
Please note: there are other ways to count this, this is the bullish count. There is also a more bearish way to count it.
Gold Comments
Posted by hmatar on 29th of Feb 2012 at 03:20 pm
matt, I am just wondering, could the entire move up from dec low be considered as a corrective wave up, and we may see lower than dec low????
hmatar - yes it could,
Posted by matt on 29th of Feb 2012 at 03:35 pm
hmatar - yes it could, that's why I stated in my comments that this is the bullish wave count, there are bearish ones as well for gold.