GLD: SPDR Gold ETF
First of all from the September 2011 high in my opinion we have to potential EW counts:
- Impulsive decline (Red count) in which case this week´s lod is either the wave (5) or the wave (I) of en extended wave (5). If the latter is the correct count the current bounce should stall at/below 122.60 while if the former is correct a large wave (B) should aim at the range of the Fibo retracements (139-157)
- Corrective decline (Blue count = Double Zig Zag). If this is the case the current bounce is the second wave (B) of the DZZ which, should not breach the 122.60 area.
The scenario of a large rebound with a potential target at the Fibo retracement of the decline off the September 2011 high will be dependent on the progress of the correlation with the USD (Weak USD = Strong Gold)