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Thursday, November 26, 2009

Counting GLD in Detail

Base Channel would be wave (1) and (2). The green channel is the acceleration wave (3) channel. When this channel breaks then it should signal the deceleration channel which would be wave (4). However the deceleration channel may remain tight and not touch the base channel as it is wont to do. Only look for a retrace to the previous subwave 4 spot wherever that may be.

Watch which gaps get filled if any. The middle "third of a third", if its correct, shouldn't get filled until this move is completely over and GOLD is retracing.

Anyways its a crack at a count on GLD. Take it with a grain of salt. However if $1290 - 1300 for spot gold target is going to be hit, then I would guess this count is a pretty good one. That would be another 10% rise and another equivalent 10% rise in GLD would be about $128 as you can see it would fit nicely the overall count structure.

But that is really pushing things yes? So Like I said, its not crystal clear I am just counting what I see.

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