My previous post focused just on the Momentum dimension for GLD.
This post explores both the Momentum and Price dimensions.
GLD from its 12/17/15 bottom could be forming a complex Elliott wave pattern.
The 7/6/16 top - labeled (A) could be the first Zigzag of a developing Double Zigzag rally.
The developing wave (B) or (X) could be taking the form of an Elliott wave - Horizontal Triangle.
If so the bottom of Minor wave "C" could be in place or will be soon.
Normally within the five sub waves of a Horizontal Triangle there are Fibonacci relationships within adjacent waves. In this case Minor wave "C" is .618 of Minor wave "A".
Also note that GLD is now approaching chart support at the March and July 2017 bottoms. The recent daily RSI bullish divergence hints that a bottom may already be in place.
If GLD is at or near a bottom the subsequent rally could continue for several months. Now is the time to go long GLD.
Questions and new followers are welcome.
Mark
This post explores both the Momentum and Price dimensions.
GLD from its 12/17/15 bottom could be forming a complex Elliott wave pattern.
The 7/6/16 top - labeled (A) could be the first Zigzag of a developing Double Zigzag rally.
The developing wave (B) or (X) could be taking the form of an Elliott wave - Horizontal Triangle.
If so the bottom of Minor wave "C" could be in place or will be soon.
Normally within the five sub waves of a Horizontal Triangle there are Fibonacci relationships within adjacent waves. In this case Minor wave "C" is .618 of Minor wave "A".
Also note that GLD is now approaching chart support at the March and July 2017 bottoms. The recent daily RSI bullish divergence hints that a bottom may already be in place.
If GLD is at or near a bottom the subsequent rally could continue for several months. Now is the time to go long GLD.
Questions and new followers are welcome.
Mark