Friday, March 29, 2013

GLD update 329

Following GLD [here]. Looks like we are still in a wave B mess to the upside. Expecting wave C downwards so I can get into the calls. I will also get into the calls if somewhere in the messy chart, we have put in the wave C already.

GLD should find support at the 61.8 retrace and for a Leading Diagonal, at 78.6 retrace. Time is running short for GLD to turn up so I would give only a day or two when the market opens to start working upwards.

[edit] In the earlier post, I called the wave 1 a diagonal. That was based on a quick look at the daily chart. Looking at the 15 min, it is clear that there was no 1,4 overlap. So, wave 1 is a straight 5 waver up.

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