[GLD] update

In the backlink I wanted people to know of the possibility for another move down to the 104 range.  That was not a prediction, just a caution of something to look for and to know what it meant if certain trigger lines got crossed.



Zooming out a bit, we see that the GLD chart followed the blue path and as a result it is taking on the appearance of the inclining double bottom.  One of the common traits of this is alternation in terms of the type of bottom.  During the first bottom, i.e. the real bottom, nobody is really sure that the rally is on and so it is a rounded affair.  Then we get the rapid run up followed by deep vee 2nd wave.   Then, after prices come down a lot, the buyers step back in but this time they are not milling about as they do it.  This time they have more conviction and so you end up with a vee bottom instead of a rounded one.



Zooming out even more, we find that the levels chosen for reversal are not as random as they might appear to the non-Elliotician.  Check out that gap down to exactly below the lower rail.  Check out how on the upswing from that low that the lower rail was re-taken by a 3rd wave, then a small 4th back tested from above and then a strong 5th.  Now we have a-b-c to kiss the lower rail from above in wave 2 or B and someone is going to tell me all of this is coincidence/bullshit?

Yeah, OK, enough said for now.

If you aren't SCE, buy something golden on the dip.