GLD Update

Gold seems to be intent on continuing to rise. This make me wonder if the ALT is correct. For those that don't remember, the ALT suggested that wave 4 was already over and was shallow. In order for wave 4 to have alternation with 2 though, it should be deep. We will just have to wait and see, but to me this thing has two possibilities for the ensuing pattern.

The first (white count) is that this raise from the $234 bottom has been a deep b wave. If this is the case, it should be turning around very soon and heading lower again. The second (turquoise count) suggests that wave 4 is already over and wave 5 has begun. The turquoise labels are tracking the possible impulsive pattern. Time will tell but GLD moves slowly most of the time so be patient.