Sunday, October 11, 2009

Gold/GLD Wave Count, Sugar/SGG - 10/11/09


Gold / GLD


See chart below for current GLD wave count. Wave 3 is currently in progress, to be followed by waves 4 and 5. Since wave 3 has already reached 104.15, the 105.5 target from the end of the triangle at the end of August should be easily surpassed before wave 5 completes, and possibly before wave 3 completes.
Chart: SPDR Gold Trust six month chart, click to enlarge


Sugar
/ SGG

Sugar appears to be at or near the completion of a zigzag from the late August high with an initial target near the late September high. This upmove can be played with the iPath sugar etf, symbol SGG.