GLD Update

Yesterday I posted "Gold Still Looks Untrustworthy"

Here are the charts...

 Here's the wedge that I warned about yesterday in the post linked above. This is a bearish ascending wedge, the implication by traditional technical analysis standards is that once the wedge reaches the apex, it will break down. Traditional Technical Analysis has taught this for nearly a century. As we know, Wall Street has adjusted to the widespread use of traditional technical analysis and will almost always through a head fake play like this upside breakout from the wedge. Traditional technical analysis also teaches us to take the other side of the trade if a pattern fails, this is the double whammy. First retail TA traders go short GLD because of the bearish wedge, then they are knocked out of the short position on the gap up open. Thinking the wedge is a failed pattern, the go long gold and finally the wedge plays out and drops, making them 2 time losers. Why technicians haven't adapted to Wall Street's relentlessly predictable games is beyond me, it's right there on the charts in front of us every single day.

 Here's the longer view of the 3C hourly chart which has been warning that GLD is likely under distribution in to higher prices, distribution almost always occurs in to higher prices and accumulation into flat or lower prices, unlike what Technician's assume which is that GLD is under distribution now-that was done yesterday.

This is what prompted yesterday's warning, distribution on the 1 min chart n GLD in to rising prices. As you can see there's a small positive divergence now, which may lead to an intraday bounce or correction.

If you went short at the time of the post yesterday, you already made a profit in a few short hours.