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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I can say w/ relative confidence Mar. 25 was the end of the B-wave and using a timing tool I see Apr. 5 as the bottom of the correction, end of C-wave, and beginning of the 5th in the bigger picture. Price target remains the same for completion of the ABC
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OK, thus far we have come within a quarter of a 1.27 extension of the A leg and I can say there is a reasonable chance the full ABC has completed. Personally I will probably not enter a long position until RSI resistance (not visible in this chart) is broken to the upside. Also keep in mind that if the C leg of the ABC is equal in magnitude to the A leg that would project us even lower than the 1.27 extension (119.31); anything can happen the most important thing is to be disciplined and patient.
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Still do not have sufficient evidence to enter a long position, we are at RSI resistance, have retraced 50% of the most recent drop, and may head back down. Based on a Fibonacci timing tool the 9th and 29th of this month will be dates worth watching for potential trend reversal.