GLD Daily - Bullish Wave 5 set-up
GLD 60 minute
GLD 5 minute
Allan's trading notes
A good question from Lucky deserves a graphically annotated response. Based on the Daily chart, GLD should be finding support in here and resume its uptrend any day now. In fact, we can see an Advanced GET Type #1 Mechanical Buy Signal being set up (aka "Wave 5 Buy Signal").
This view is supported by the 60 minute chart which is counting a completed 5 waves down, although the ATR trend is still short.
The 5 minute chart is more ominous. It is suggesting GLD is in the midst of an impulse wave down. That's why I posted the table of GLD lows from last week. If 107.04 doesn't hold, then I am giving a whole lot more weight to the 5 minute analysis.