GLD - what's next?

In the previous post on GLD [here], I expressed my concern that GLD is not doing what I typically find with such a chart. I had been expecting GLD to skyrocket and all it could muster was a pump overnight followed by selling during regular hours. Not a very bullish chart.

I wanted to see buying during regular hours. Buying in the face of sellers. The chart below shows what I mean. Start low and rise during the day.

After watching today's action, it appears at least that the weak shorts are trying to cover. The current pattern should be followed by a strong day tomorrow as the daily candlesticks grow longer in a wave 3. I am posting some of my targets in blue rectangles. These are based on fib extensions. Though GLD has not been tracking the extensions to pennies, it is close enough.

How long will this go on? If consider Feb 20th as the end of the correction, could go 160+ before the price starts retracing.

GLD turning anemic

I have been watching and playing GLD for the past couple of weeks. It should have sky rocketed by now. It has been lethargic, moving up in fits and starts. It could be that GLD is in a triangle as shown in the chart below. The points that led me to believe upside in GLD are still valid but it should have been on fire by now. I closed all my GLD calls yesterday in the morning and am sitting on the fence to see where it goes from here. Today's action should be a tell.

GE price targets 318

GE price targets for tomorrow, 3/19 and later are 23.0, followed by 22.74 and finally 22.60 to end the wave 3/C down.

GE plays out as expected

As expected [here], GE gapped down hard this morning along with the rest of the market but bounced off the 161.8 extension marked in the chart. Now it is trying hard to close the gap marked on the chart so it does not become an island reversal. Good place to take a short for another wave down.

GLD profits

Closed positions in GLD. Per my post [here] 155.78 looked like a good price to take profits and watch how GLD behaves from here. Counting waves, we are definitely in wave 3 so I do not expect an opportunity to ge on the train again maybe till 156.7x

Profits were handsome and about what I was expecting. I do not know if this is corrective or not so a bit quick in taking profits.

GLD triangle

Looks like a triangle in GLD futures. Should break to the upside by the time market opens this morning.

GLD hiding a Wolfe

Looks like a good setup for a Wolfe wave on GLD. A 61.8 retrace of the Oct-Feb move should touch the Wolfe wave line (red line between 1 & 4). Price target is around 165-6.