I created this GLD chart late last night but is still good this morning. GLD follows the gold cash futures very well. One GLD bear market came to an end in late 2015 so that bottom wave count is important. Since the 2015 bottom, GLD has seen higher lows and has now charged to new 5 year highs.
In reality, the bullish phase has been going for 3 1/2 years already and against all odds is now pushing higher.
I moved my “A” wave back to the 2016 peak as a running flat plunged into the 2018 bottom.
Yes GLD is in a bit of correction but a 5 wave bull run has more room to move up as a wave 3-4 in Minor degree is still missing.
I refuse to post multiple alternate counts on one chart because sometimes we can have 5 alternate wave counts going at the same time.
The trick is to eliminate bad wave counts as soon as we think we’ve found them. There are always 3 simple choices of corrective waves and the choice all investors have to make is if GLD is in another big bear market rally.
There is open space ( little resistance) to the $150 price level but after that, the $170 price would provide stiff resistance.
Bear market rallies can be huge like crude oil has demonstrated. There are no daily trading limits in gold, so moves in both directions can swing dramatically.