Two developments of note today. First; daily GLD has closed above the stop level without price ‘flipping’. The completed sequential countdown is thereby cancelled. However, we know have a completed TD Combo countdown to take its place. Once again a price flip is needed (to get a ‘sell’ signal) before the stop is violated. Today those two figures are 1209.00 and 1278.10 respectively.Because of the Elliott Wave count in this market I would judge any short signal here as risky. Even after a signal the market may want to work slowly sideways to slightly higher for some time. The wave count is shown.
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