Breakout Set Up - Modification

I would like to modify that last update slightly.  That small consolidation this morning was really too small to rely upon it as a wave ii.  So, I have to move up the break out level by .60 on GLD . . it will take a break out over 117.60 to signal that this is breaking out in a wave iii, and the stop for that break out would be just below 116.20.  Just trying to be a little more careful.  Until that break out is seen, I am still looking for a wave ii of somewhat "normal" size.

Avi Gilburt is founder of ElliottWaveTrader.net.