BATS:GLD SPDR GOLD SHARES
An ABC correction could definitely be completed here, but until 5 waves up materializes on the lower time frames, I wouldn't write off this correction off the highs as over. Once 138.09 is exceeded to the upside, there will be confirmation of the final down wave completion. Again, one could try long prior to that, by looking for a five wave advance on lower timeframes and managing that trade with risk control. I'd also like to point out that even if gold does turn up soon, it doesn't necessarily imply new highs. Gold could easily be carving out a more complex correction, so if we get a corrective ABC up visible on this timeframe or the weekly, it would be smart to look at taking profits at that time.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt