stephenleachman
Long

GLD - Medium Term (Daily) - Wave Count

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
Gold -GLD- Just Closed - New Highs for 2017

Its been difficult to get a precise medium term wave count on the daily chart but to my best this dose confirm my longer term outlook.

The longer term purple and blue waves which we are in a blue 3 that encompasses a purple 3erd Wave. This giving me a long term bullish bias on Gold . Medium term Gold looks also to be in a Orange 3erd wave. A 100% of Orange wave 1 @125.31 GLD A 161.8 of Orange wave 1 would be @129.23 The 1st longer term target I'm watching is at the high of 2016 @131.15 which could be the end of blue wave 3. Note there should be an orange 5 wave move within the blue 3erd wave.

Levels to take note: -GLD-

  • 124.76 - November 2016 High (Light Resistance)
  • 125.31 - 100% Extension of orange wave 1
  • 129.23 - 161.8% Extension of orange wave 1 (Orange wave 3 Target)
  • 123.07 - 2017 Breakout level - Should provide Support If its a choppy orange wave 3 higher
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