[GLD] update

At the backlink, GLD was $104.32 and my primary model was expecting a B wave bounce with the expectation of then going lower to find a final bottom in the $97 range. 




Instead, the current snapshot looks more like the blue model.  This by the way is happening as the dollar approaches what EWI thinks is 5of 3.  If Avi is right then gold will find a 2nd wave bottom at these levels.  I'd like to see it break down below the lower rail down to $97 to $98, especially if it would just stab down there in a unicorn tail.  That would have the kind of finality that would make the subsequent rally more credible.  A lot of gold shorts are out there and I think the market is thin. 

I own a small position in JNUG because of FOMO (fear of missing out) but if this can break out at the blue arrow, especially with a gap, then I would be all in on the first 3 wave dip.  By the way, sentiment against gold just hit an all time low...

Keep some powder dry and a weather eye...