GLD needs to break out real soon now, or else.

I have to say, I am completely unimpressed by the movement of GLD off of the recent bottom.  While nothing is confirmed yet, and while I understand the concept of a slow start that builds up steam over time, I really would have expected a different vibe to the chart at this point.  If someone showed me that choppy crap within the blue oblong with no other context I would not hesitate to say that it's much more likely to be  corrective than motive.  That could all change if we got a gap up and then some follow through that would kiss the top rail of that falling wedge and then fall back in a clean a-b-c.  So that could still happen.  But if this chart falls out out the channel here (which unfortunately is still a wedge) then we have to mentally prepare ourselves for a trip to Avi's original bottom target of $105.

This chart is just heavy, slogging through the mud, not in any kind of short covering situation at all.  Perhaps it just needs to fall back into a 2nd wave in order to gather new buyers for a 3rd wave breakout.  I don't know but I will say that it still seems to be trading in sympathy with the broader markets which have to be much closer to a top than to a bottom. Stocks have been going nearly straight up for the past 6 weeks and I know that is not sustainable.  TVIX currently seems the better bet to me than JNUG even though JNUG was up 8.8% at the close today.  I'll keep an eye on JNUG in case this begins to turn into the old climb the wall of worry trade where it just keeps creeping up endlessly until you wake up one day and realize that it was cheap at one point but now its expensive or has more risk than you want to take on.