Tuesday, March 26, 2013

GLD update 326

Closed my GLD puts yesterday morning. 60% profit. In the futures GLD seems to have finished a wave A. It should put up a wave B to the upside on market open today followed by a wave C to the downside. I expect the wave C to finish prior to market open tomorrow.

Of course, none of this may pan out at open today and GLD may start rising right away. It bounced off the Bollinger centerline yesterday. I will wait for GLD to break over the recent highs for a long trade.

With a LD, the wave 2 retrace is usually pretty deep. I am looking for 61.8 retrace at around 153.31 or so at least.

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