Gold and the Gold ETF - GLD both have weekly RSI readings that are the most over bought since the all - time high.
GLD is close to a 50% retrace of the bear market from the all -time high at 143.04
The wave (B) of a probable "A-B-C" rally appears to be an Elliott wave - Horizontal Triangle.
After conclusion of an H Triangle there's usually a post triangle trust - which has happened. The trust is measured by the widest part of the triangle.
Wave "A" = 23.86 + termination point of wave "E" 119.54 + 23.86 = 143.40.
If there's a peak in the resistance zone the subsequent decline could go at least back the bear market bottom of 100.23.
Mark
GLD is close to a 50% retrace of the bear market from the all -time high at 143.04
The wave (B) of a probable "A-B-C" rally appears to be an Elliott wave - Horizontal Triangle.
After conclusion of an H Triangle there's usually a post triangle trust - which has happened. The trust is measured by the widest part of the triangle.
Wave "A" = 23.86 + termination point of wave "E" 119.54 + 23.86 = 143.40.
If there's a peak in the resistance zone the subsequent decline could go at least back the bear market bottom of 100.23.
Mark