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A wave C would have support at 88.75-89.5, 87.70 or the 84.84 April low. A wave Y would trade generally sideways between the early June high and the mid June low while the structure completes. Wave Y would probably be a triangle or flat.
Sunday, June 21, 2009
Gold Update
The gold etf GLD is bouncing off of strong fibonacci support which may continue for at least a couple of more days. I think this bounce is either a B wave within wave C as shown in the first chart or it is a B wave within a wave Y of a double three correction from the February high(shown in 2nd chart).
A wave C would have support at 88.75-89.5, 87.70 or the 84.84 April low. A wave Y would trade generally sideways between the early June high and the mid June low while the structure completes. Wave Y would probably be a triangle or flat.
A wave C would have support at 88.75-89.5, 87.70 or the 84.84 April low. A wave Y would trade generally sideways between the early June high and the mid June low while the structure completes. Wave Y would probably be a triangle or flat.
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