GLD update 12/19

GLD: Still looks and counts best as a leading diagonal first wave, which is about to complete. 50-76.4% retrace to shown target zone -which is now also strong horizontal support- would make a lot of sense before wave-iii kicks in. Note how price got rejected at the 200d SMA: classic! In addition, since wave-i was a leading diagonal, wave-iii will most often extend past standard Fib-extension levels commonly known for 3rd waves.

Leading Diagonal First wave forming? Rejected at 200d SMA, retrace to support for wave-ii most likely, followed by a wave-iii to new highs after that