GLD Update

 From the earlier update today, it looked like GLD would break this channel, which as pointed out is slanting the wrong direction for a consolidation, something you may want to make note of for future reference, a consolidation develops counter to the trend. In any case, it seemed it would break this lower support line and it has done so.

 Here it is on an intraday basis, after testing resistance a few times, it broke pretty hard.

 This is the negative divergence when it first looked like it would break and this is what confirmation of the trend looks like, I pointed it out in some of the long trades we have that are making 30% in 3 days and here it is again, 3C is in lock step with price which is confirmation, something that has been long missing in the market's move.

This is the long term 60 min chart, which is what alerted me to the possibility of GLD reaching the top of its correction.

GLD is moving closer to a fairly high probability short, although I would not take a huge position in it as it may see safe haven buying in the days to come. On a longer term basis though, it still looks like either a primary or intermediate top .