$GLD - dare we say… Bottom is in! $GDX $GC_F
Looks like 105 GLD is the bottom for the gold correction. Fast up and fast back down. It appears to have bottomed where we were watching two price objectives. The first was the 50% fib retracement of the entire impulse move - similar in nature to the expanding halfway pattern that started in Dec 08 off the big bottom. The other PO was from the symmetrical neckline rail as seen on the GLD weekly chart.
Volumes are extremely low this week so don’t expect much. It’s totally possible to see a double bottom or not. Possible to also see a backtest of the falling wedge pattern…but either way, we’re saying: Bottom is IN! This next move up should be awesome.
