Tuesday, November 3, 2009

Nice action in GLD, but expect profit taking


  • An impulsive move that makes the GLD price curve look like a staircase or in Elliott terms like a nice 5 Wave Impulse pattern (3up with 2 intermitting smaller downs)
  • Impulse Pattern are usually followed by at least some form of corrective Pattern
  • The large Trader's curve does not confirm the price action which means that we have seen the price peak or that we will relatively see more Flow into GLD. It's either ... or

No comments:

Post a Comment