New Developments in Metals

by Avi Gilburt

The reason I am sending out a mid-week update sooner than normal is because GLD has an important update I needed to highlight.

As of the weekend, the GLD only had 3 waves up off a potential wave iv low, so I said I had no reason to consider it having competed. Today, the GLD is making a higher high which MAY be considered as a leading diagonal for wave 1 of v.

But, I still have to caveat this with the fact that I do not wholeheartedly trust leading diagonals as strong trading cues. Therefore, in order for GLD to prove to me it has completed wave iv, we MUST see a corrective retrace from this rally, followed by a break out over the level at which this potential wave 1 tops out. That would strongly indicate that wave v has likely begun.

Until such time, I remain cautious as the b-wave triangle is still a valid interpretation.

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