Wed. Jan 19th, 2022

Gold ETF $ GLD Elliott wave analysis and long-term cycles

First, the GLD ETF fund is one of the largest and oldest gold monitoring funds in existence since its inception on November 18, 2004. From then until the September highs of 2011 , ended a larger bullish cycle as did the Gold Product in terms of US dollars. Since the September 2011 highs, the price drop was quite strong, but seems corrective as a double of three (a) – (b) – (c) (in blue) to the December 2015 lows.

Second, I would like to mention that the rebound from the December 2015 lows to 100.23 to the July I wave highs of July 2016 is clearly a boost from Elliott Wave. The rebound was strong enough to suggest that it ended the cycle lower than the September 2011 highs, so at this point it is suspected to resume a long-term uptrend from the December 2015 lows. shown from here, the metal made a high wave (I) in August 2020. From here it appears to have a cycle correction three times higher than the 2020 lows.

The analysis continues below the monthly chart.

Third, in conclusion: the market moves in sequences of 5-9-13 changes in one push. It also moves on 3-7-11 swings when correcting the dominant trend. The highest rebound from the December 2015 lows appears to have a full five-wave upward sequence. This is within an Elliott Wave impulse. This rebound continued until the highs of August 2020. Currently, the metal instrument seems that, although it is below 178.85, it can see how the weakness continues towards the area of ​​118.47 before d a turn up.


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