Last week GLD found support at a key pivot level and so far this week we have a nice GREEN candle forming.The near term targets are the top of current red down channel and or the bottom of clone red channel. IF GLD can get back inside the green channel it is likely that GOLD will resume it's long term uptrend. For the time being I still consider GLD since it's still in a short term down trend and below the 100MA.
@JR Perhaps your right but the next plunge will not be so easy.
@nmike Thank you for the chart and analysis. I am leaning towards the latter. As for the name, I too like it. It is the name of a local river here in East TN . After spending most of my life in and around this mountain river, I sort of adopted the name.
@littleriver, that's great, I'm a nature lover, sounds like you are too, funny thing is NATURE ends up embedded in all those charts in Fibs. & fractals :D