Still Looking For A Micro Pattern

On the daily GLD chart, we are now just hitting the support box.  Again, the micro wave pattern taking us to this point is not terribly clear. Therefore, it is hard for me to put good short term money to it right now, even though I still think lower lows are still in play.  The potential for a whipsaw is what concerns me in the short term,.  119.,30 is resistance which keeps pressure down as noted this morning in the last Wave Alert.  A break of 115.50/116 would open a bigger trap door at his time, as that represents the .618 retrace of prior rally.

GLD Daily
GLD Daily
Avi Gilburt is founder of ElliottWaveTrader.net.