Current snapshot below leaves some room for interpretation but the basic model has not changed. Soon enough I expect that GLD will begin moving up sharply. What would be most satisfying from an EW perspective would be for the past few days of selling trend to continued down into C of 2 which terminates around the level of the prior 4th. This is currently the primary model and is shown in red below. If the red model is the correct one we should see the current 4th wave HT break to the downside very soon, 1-2 days. The longer this lingers at support, the less likely the red model becomes. If this hangs out at support while DJIA puts in 5 of 1 then mos def be buying something golden because if GLD is not drawn down with the rest of the markets then it most likely means there are no more sellers.
The blue model is also possible but I currently give it 60/40 in favor of the red. The blue model is bust if GLD goes to a lower low than the most recent lows. We should all be hoping for that because it will likely draw JNUG to lower prices which will then very rapidly reverse upward to giddying percentage gains (several hundred percent) over the next several months.
When that falling red rail is busted through, I really, really hope that you have already bought something golden. GDXJ is a FINE choice for anyone who does not have time, inclination, or experience to trade the waves.
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