GLD has fallen from $193 to $160 in five months and is due for a minimum retracement to the area of the previous 4th wave, around $175. It is rising off of its recent low at $160.07 (not confirmed by Elliott Oscillator) and if it keeps rising toward the top of the Wave 5 channel, it could run quickly up toward the indicated target zone. SLV is tracing out the same pattern with a breakout above $18 targeting $21. Stand-by for a new GLD and/or SLV trade later this week. Big Picture Update: SPX
