Seldom is there a more perfect Elliott Wave looking chart as Gold (GLD) at Monday's close. Multiple time frames all suggest the same EW resolution, a 5th wave rally to $182 - $188. This is a pattern recognition trade which means we can place a stop where the pattern no longer holds together resulting in excellent Risk:Reward parameters. Intermediate Term Buy Signal: GLD Option: July 16th $175C or August 20th $175C Stop: GLD close below $173.00. Special Note: The Fed meeting on Tuesday -Wednesday may affect this trade and/or the general market. If the Fed does not address inflation, Gold could close Wednesday much higher. Alternatively, if the Fed does address inflation by tempering loose money policies sooner than expected, the general market could close much lower. (The charts below suggest the former.) Wednesday will be a good day to pay attention to the financial news around 2:00 pm EDT. More. GLD Daily GLD 240 Minute GLD 180 Minute GLD Hourly
