Quick GLD Update - Market Analysis for Mar 4th, 2020

Mar 4, 2020 - 9:40 AM EST

I will do a full update this evening on metals, but wanted to make an important early on. AS long as we hold 153, there is a micro structure which can point to the 159/60 region for a b-wave, which would create a set up for a perfect 4th wave flat in GLD, pointing us down to the 144-147 region for the c-wave. Clearly, if we break 153 without that rally, then the target for the c-wave remains as 140-44.

I don;t think we have begun a bigger rally since the move off the lows has looked corrective. Clearly, a strong break out over 160 would change that. My target for the 5th wave remains 170-174

GLD 8min

Avi Gilburt is founder of ElliottWaveTrader.net.

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