GLD update 09/13

GLD is most likely now in minor-c of intermediate-iv of major-c. So far we’ve had a picture perfect minor-a up, consisting of the three one-degree smaller minute-a, b, c waves of which a = c. Picture perfect. Assuming minor-c = a, as well as minute-c of minor-c = a, then price should reach around $116 which is the 100% extension of intermediate-i, measured from ii, and the typical retrace for a 4th wave (iv) after the 3rd wave (iii) reaches the  161.80% Fib-extension of 1, measured from 2. Assuming major-c will be five intermediate waves down, we should then expect one last wave down to around $108, before a (very) long lasting low is in.

gld