The GLD is either forming an deep a-b-c pullback or a Harmonic Pattern is forming. I always watch for the Harmonic Patterns if I can recognize them soon enough. A clue can be told by an square root Fib. A drop below the last Low (red arrow) and more losses for c. The .707 fib retrace for the .414 'b' retrace is logical, also an 1.707 for a lower c would work as well and could be the start of another Harmonic Pattern. It seems like we are always waiting for Divergence.
P.S. for what it's worth I sold GLDX
because of the depth of the retrace and wave crossover.
If this does turn back Bullish I would rather be in a stock than an ETF for a wave 3 of 3.
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