TNasr
Short

Gold is going down soon- then up

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
This chart is clearly based on Elliot wave theory and represents my humble opinion of where we are on the daily chart . I believe we are in the B leg of an ABC correction within a 4th wave, will top out soon, and descend into the Fibonacci extension region denoted by a target symbol to complete the C wave before embarking on a 5th wave up. For the record GLD should only be considered a trading instrument- not an investment one ( IAU is good) for reasons beyond the scope of this post. In the interest if transparency I am currently long GLD calls but will exit very soon and most probably enter puts for completion of the 4th wave. Thanks for reading, questions and criticisms are welcome.
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