M+M update

GLD has stalled up against an invisible line that would exist if drawn parallel to the clearly established lower rail of the channel.  It calls into question as to whether the recent bottom in the 109s was "the" bottom for this wave.  What we need to see to confirm the bullish model is for a gap up above that top rail to occur, and very soon.  As in this week.  Failing to do this will call the already corrective looking bounce into serious question IMO.  It could be that the October bottom was 3 but that the subsequent rise to $120 was a of 4 instead of all of 4, then the next move down b of 4 and now finishing c of 4 at 115.  This is not my primary count but GLD should not be stalling here.  It just does not have that motive vibe to the wave.  I would change my mind if it could gap up from here but until it does so I fear that Avi Gilbert's $105 price target could still materialize and I know what that would do to JNUG over the short term.

I don't get into a trade when there is this much ambiguity.  My caution could lead to me missing a nice AM gap up but that would be a longer term buy signal for me even if I have to chase it a little bit.