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.