Gold GLD ETF Update…Bear Market Reversal Watch

January 13, 2018

Just a quick update on GLD which is showing the price action approaching the top rail of its triangle trading range which should be around the 127.50 area. Many times during the formation of a 5 point triangle reversal pattern the price action will fail to make it all the way down to the 5th reversal point, which suggests the bulls are eager to get positioned. A touch of the top rail will complete the 5th reversal point technically putting the triangle into the reversal category to the upside.

What we have to do now is to see how the price action interact with the top rail. Most likely we should see a reaction backdown initially that could be very shallow if it’s time for the triangle to complete. If the bulls are really fired up we could see a gap above the top rail which would be very bullish.

If this is the end of the bear market we need to see some type of reversal pattern build out or several reversal patterns for that matter. If the triangle ends up completing its 5th reversal point that would be a reversal pattern. As you know there is a very large H&S bottom that is also building out.

The possible 5 year H&S bottom.

Gary (for Rambus Chartology)

http://rambus1.com

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Rambus Chartology is Primarily a Goldbug TA Site following the precious metals markets. Chartology is the Unique Blend of Technical Chart Pattern Identification and Market Psychology,  Developed by Rambus During the Tech Mania of the late 1990s.  His Early Training came the old fashioned way...Reading Edwards and McGee's Bible of Technical Analysis and spending years with a sharp pencil graph paper and ruler refining his skills and accuracy. Visit the Rambus Chartology website at http://rambus1.com/.

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