Tuesday, February 2, 2016

[GLD] update

At the backlink I provided the model below.  As always, red is primary.

Per the current snapshot below, the force was with me on that red primary move.  But since the market is a constant game of what have you done for me lately, I'll note that we are approaching serious resistance now.  The red is again primary and I think people should be sure to mark their charts with alarms should GLD break out of the upper down sloping rail as I think it will.  At the same time, resistance must be respected so I would not blame you if this kissed the lower rail from below and you sold into that move with the idea of only buying back once the chart has broken resistance.  Of course, if we get a breakout before the kiss occurs, no need to sell.

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