GLD has been holding up pretty well so far but it is not out of the woods yet. On Monday, I expect it to shoot up as in a wave 3. If it does not, there is no mojo in GLD and it would be best that I close the calls I purchased for whatever profit I have left in them.
Just to be clear, from similar patterns observed in smaller time frames, the price shoots up around here so I am very bullish on GLD. However, if it looses the SMA, it does mean we are in for one more trip to 150 and below testing the bottom of support at 148 or so.
The daily stochastic is not looking very happy.
An IHS has formed on GLD in the last 4 days of trading. Target is 155.65. I like some more targets at 155.78 and 156.72. Frankly, where we go depends on whether we gap up or down on Monday. GLTU.