This post is based on an excerpt from the Weekend Market Analysis published for the Insider Membership.
The chart below shows the weekly view for the Gold ETF (GLD). Gold is tracing out a large ZigZag corrective pattern. The first leg down was Primary Wave A (circled) that completed in December 2015. The next wave is Primary Wave B (circled) that doesn’t appear to be complete yet. Wave B (circled) consists of 3 waves: Wave (A) that ended in July 2016, a triangle Wave (B) that ended in April 2019 and a Wave (C) that still appears to be underway.
Data thru Friday, October 11
This next image shows a little more detail to what looks like the final leg up. At this point I have labeled Minor Waves 1,2, 3 and 4 of Wave (C). Since waves 1 and 3 are fairly equal in size, I am looking for Wave 5 to be larger than wave 1 or 3, as it pushes higher. We still don’t have confirmation that Wave 4 has finished, but we may be getting close.
Data thru Friday, October 11 (this is an image from a video)