GLD update 10/16

GLD: Has reached the 100% extension typical for a wave-4 (iv) retrace, after wave-iii reached the 161.80% fib-extension. note the negative divergence on the daily RSI5. A relapse to the 200.00% fib-extension at $108.65, which is the most typical wave-v Fib-extension in this Fib-based wave-pattern, would be ideal to tell us the decline is over and a much, much larger rally will come. I will buy GLD at around the $110-109 levels.