Daily Gold - Elliott Wave

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.

World Gold Index - Daily

Admittedly the excitement is in the 'saving of the free world' last night, but instead of talking about broad financial developments I only want to present a brief look at Gold via the GLD (the World Gold Index).

The weekly chart (not shown) just completed a TD Sequential countdown and thus has given permission to ‘short’ the daily chart. Note that ‘short’ may just mean ‘exit’ for those whose only positions are long or out. The daily chart is shown.

As on the weekly we have just completed a sequential countdown on the daily. The execution signal would come on a price flip (currently down at 1169.20 - which would be a close less than the close four bars previous) as long as we don’t close above the stop (horizontal dashed cyan line) at 1236.80.