We found the low to wave 3 and looked for a bounce towards 120 for wave 4, as you can we pretty nailed that target for wave 4, whilst many were bullish at those highs we again turned bearish and started looking for wave 5 towards our 110 target which I have had for a while.
Again we found the low to that move and members were looking to buy at the exact time the world turned really bearish, so far that call has turned out to be correct.
The low so far is 109.51, considering we have been looking for 110 when GLD was at 129, i think its a great example of Elliott Wave used correctly.
Looking ahead we like the setup we have atm, whilst its above 110.90 I am still bullish, there is a strong bullish setup here if the market can hold around 113 - 114.50. A 3 wave pullback from the last swing high is a good sign and will support the idea of a strong rally higher.
Readers can look to buy the pullback against 110.90 stops. If the preferred idea works out, I think it could surprise most traders, just like it surprised most traders by rallying higher when it was at 110 back in November.
Are you ready to jump on the bull bus? It not too late.
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