goodguy
Long

GLD: Is Gold about to glitter??

AMEX:GLD   SPDR GOLD TRUST
45 0 0
One of the hardest thing for me in trading is patience. Maybe for many of us. 6 months ago I thought GLD             may may have reached it's bottom and I am thinking that again. Again be have a weekly major positive reversal followed by a bullish divergence in the RSI . This combo often (but not always) leads to higher prices. Clearly we are still in a down trend as the major down trend line (thicker black line) has not been broken. Many would wait for this to be broken before considering GLD             . IFFF my count is correct then we have likely completed a long A-B-C correction with C=approx to 1.6A. The form looks "right" to me. On the 4 hour chart I see a good 5 waves up I have labeled ".a "with a 3 wave down correction which I have labeled" .b". Personally I have taken a small long position with the stop below the recent low. It is likely smarter to wait at least til the current short term down trend line is broken. At least you may want to put this on your watch list. Take care. Goodguy.
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