[GLD] update [JNUG]

In the backlink I added a lower support line based on a falling wedge throwunder model.   We will soon figure out whether the recent move was an a-b-c or a 1-2-3.  I got stopped out of JNUG for a small gain this AM at 10.49 which was an EW-defined stop point.  That does not mean more upside isn't possible.  It simply means that hope is not a trading plan.  When EW defined support broke down, I automatically exited, period.

I'm now looking at the possibility of another entry based on the GOE (Galaxy On End) pattern of the top red arrow and the fact that the chart has not been able to break down to lower lows yet.  But if this does hold the recent action makes me think it will not likely lead to a higher high but rather to a DDT.



On the GLD chart we now have the upper resistance line formed by the recent DDT as well as the lower support.  Note that I continued numbering the chart below with Avi's count; in other words, the recent low of July was 3 of 3 of 5, the recent high was 4 of 3 of 5, and now working on 5 of 3 of 5.  So at the end of Aug it should be done with 3 of 5 and then a strong rally back to about $108 before one final wave down to end the entire bear market which has been in place since 2011.

My alternate count is that the July low was actually blue 3, the recent rally blue 4 and in 2-3 weeks blue 5 will be done, again ending the long standing bear market in M+M.  People ask "where is all the deflation" and I think just pointing to the commodities sector is a reasonable answer.  What a major whacking it has taken!