GLD Follow Up

It was just 45 minutes ago that I warned about GLD's rather parabolic move. You know this recent trend up has not sat well with me. Here's what I'm seeing now in GLD.

 Here was today's intraday parabolic move that I warned about, parabolic moves always catch my attention and often are not as bullish as they appear.

 This ascending (bullish) triangle is a consolidation/continuation pattern, the implication is more upside and traders (I know because when I first got started in following the rules of Technical Analysis I reacted the same way) will often buy in to the bullish pattern before a breakout as it limits the risk and gives them  more potential upside. It is also a good set up for Wall Street to pull a head fake. Note the Volume on the breakout.

 Here's the 3C charts on today's breakout.

 More confirmation of the negative character on the 5 min 3 chart.

Most importantly, the divergence is showing up on the 60 min chart. I would watch GLD very carefully for a break below $155, a break below the area will put traders who bought the breakout (and there was significant buy side volume) at a loss, which of course could create the snowball effect.