[GLD] update

I was just looking at the backlink and I realize that my chart was off a little bit and I wanted to correct the error for the coming bull market.  The change only strengthens my count.  I'm telling you folks, gold is now golden, at least until the level of the prior 4th.  It will be important how we arrive there as to what comes next but leave that to deal with at a later time.  The gold rally should be many months long now.

While there are no certainties in life, some things approach it and the model below is about as good a bottoming call as anyone could ever want.  I now count it as w3 followed by GOE 4th.  Then the 5th wave is a falling wedge.  Wedge are a-b-c 1 a-b-c 2 a-b-c 3 a-b-c 4 a-b-c 5 and that is exactly what you have below.  This wedge is not a 3rd because waves 2 and 4 are clearly alternating waves.  2 is complex, 4 is GOE which are nearly vertical in nature. Well if I have a 2 and a 4 then we are past 3.

According to CWT (which has helped me many, many times get the right count since I discovered and codified it a number of quarters ago), a wedge is either a 3rd or a C and Avi's count says that the 5 waves down should be C of 2.  In other words, a falling wedge in this location suggests that Avi will be right and that we have just seen the start of a monster gold bull market.

For the record, Avi is still adamant that he is expecting one more wave down in metals and miners.  It will be very interesting to see how my analysis stacks up against his in the face of reality.  I like my odds.  Additionally, EWI thinks that the current rally will do 5 waves up and then collapse down to gold $700.  This is not currently my view.  So I am in direct disagreement with both of the biggest names on the web in EW analysis of GLD.  Is it that I'm just arrogant and stupid or do I have the advantage of proprietary discoveries like CWT and GOE?

Time will tell but again, I like my odds.

If you are out there in cyber land, read my virtual lips:buy something golden.  Buy GDXJ or if you really are a long term buy and holder, buy a basket of the individual companies like ABX, NEM, GG, etc. and request the share certificates from your broker.The only time long term holders should leave their shares on deposit with the broker is when getting ready to sell.  Otherwise, when he goes BK all shares in his possession become part of the bankruptcy proceedings because your broker is treating those shares as his assets.  

If you don't believe it, look it up.  In fact, farmers who had their grain stored in grain elevators which went bankrupt during the great depression had their grain included in the assets of the bankrupt grain elevator company and they lost all their grain in the bankruptcy.  Possession is 9/10ths of the law in a crisis and the system will be paid by those with the ability to pay whether or not such payment results in their eventual starvation and death.  That's just the way of the herd.