GLD finally breaks

I don't want to get ahead of myself being we have a single day of a slight loss thus far, but I've been warning for about 4 days now that I don't trust the current move in GLD.

In yesterday's GLD update, I showed you a consolidation pattern, it can be drawn several ways, but the point is, it was a consolidation pattern. I had this to say about the pattern,

"The 5 min hart is in a leading negative divergence on the breakout from the "bullish" consolidation pattern. I emphasize "bullish" as these are often head fake setups. The more obvious the pattern is to retail technical traders, the more likely it will be manipulated or used against them by the Wall Street trading firms, especially HFT algo firms."


Today we have the break of that pattern, but only after an upside head fake occurred yesterday.

 Here's this morning's break on volume, currently a bear flag is forming which is a bearish consolidation/continuation pattern, it too is obvious and may be gamed by Wall Street before this is over.

 Here's a triangle consolidation from yesterday, very obvious and in a closely watched ETF, how could the HFT firms on Wall Street not take advantage of this juicy set-up? Note the upside breakout and today's prompt failure of the bullish looking triangle, leaving yesterday's breakout buyers at a loss, hence the surge in volume this morning.

 3C hasn't had much of anything good to say about GLD recently and this 1 min chart going negative as GLD broke higher was an ominous sign.

The hourly chart remans negative, suggesting that GLD is experiencing more then just a slight pullback.