[GLD] update - a bit more soberiety enters the mind.

As bullish as I want to be on miners, it didn't take me long to step back and review my previous GLD post and it made my own words ring in my head: we haven't hit the midpoint of Avi's $95-$105 target yet.   Am I being too impatient??  Maybe!

In looking at how that might happen it seems we could work down a bit lower and then get the 3 wave gap fill into blue 4 before crapping out even further into the end of September.

So no matter how optimistic some of my recent posts have been on miners, BE CAREFUL with JNUG folks.  USE stops.  If we get GLD down to $100 similar to shown below then I could loosen the stops waaaaay up.  But that big ass gap, when seen through the GLD chart, is looking like 3 of 3 of 3.  Which means the overarching wave 3 is still not done yet.  Which means 4 and 5 await.

One more thing: near the end of a trend it is not uncommon for nonconfirmation to occur.  It is possible that money begins moving back into miners before GLD bottoms.  The miners, for example, could fool around sideway until GLD puts in blue 3 and then rise very quickly (quicker than GLD into blue 4 and then not fall as far - and maybe even double bottom instead of going to a big lower low.  But this model suggest it is possible to have to slog through August before the real tail wind comes to the backs of gold bulls and rest assured that if GLD performs per below we will be among the very few who are looking to buy it and miners at that time.

One more month folks.  Be careful and patient for one more month on M+M.