Quick GLD update - Market Analysis for Aug 13th, 2018

While everyone is having a hard time with this drop taking us a bit deeper than intiially expected, I want to at least give you some "color" as to what the alternative would look like from here.  As you can see, it suggests we are still in the bigger wave ii, and we are nearing the completion of wave 3 in c-wave of ii.  But, please note that if the market can stage a strong rally from here, it makes this much less likely, with the inability of the market to rally strongly from here suggesting this weakness continues to complete wave 3 of the c-wave.

Avi Gilburt is founder of ElliottWaveTrader.net.