More thoughts on the GLD chart

I did not like the close today.  It formed a DDT right on the downtrend line.  It is possible that GLD is putting in a final wedge and this has been a very common thing for stocks to be doing lately.

I will note that waves with 6 peaks are not motive.  They actually consist of one small wave (A) and then a retracement (B) and then a final 5 wave motive move (C).  That is an a-b-c, not 1-2-3-4-5.  In the model above, we see the 6 wave move in the run from early to mid Oct and again in the subsequent decline into early Nov.  If GLD can gap up tomorrow or in some way prove that it is not going to get caught in the falling wedge then this pattern can be invalidated but I think it will have to happen very soon and the DDT put in at the close today did not help the case.  Being a trader, I bailed on JNUG @$5.97 today but will hop back in if we see a breakout tomorrow.

I'm still in TVIX, I think the markets are ready for reversal.