Posts
GLD/Gold
Below is a two year chart showing the updated wave count for GLD. This count starts with wave [0] at the October/2008 low. Wave [1] tops at the February/2009 high, Wave [2] bottoms at the April/2009 low and wave [3] is in progress. The current correction is wave A of (4) from the April/2009 low.
Wave A of (4) may complete by the middle or end of this week most likely in the 107-108 area. That range is a .618 retracement area and the location of the 50 day moving average. Even after this large correction GLD is still up over 28% since the April/2009 low and just slightly below the price just one month ago.
StocksStocks are still looking bullish into Christmas week. The new short term price target off the 12/9 low is 10644 to 10683 on the Dow.
