Based on price movements, I see two high potential paths GLD can take. The path in pink is the most bullish path which will take GLD above the upper bollinger band very quickly in a '3' wave and the bollingers will expand to accomodate the accelerated movement of GLD. The other path is were GLD will find resistance at the upper bollinger band (it may pierce it but will not hold it). Then a '2' wave would follow to the downside, followed by a wave '3' to the upside as presented with the orange lines.
The orange path will allow GLD to burn up more time (and options holders) than the pink path. From a weekly perspective, the orange path is more likely/seen more often.