5 Wave Elliot wave down (Wave A of major correction 3-3-5) from peak ended in very long and slow ending diagonal (very rare). Expect a quick retracement in wave B (an ABC) to 135 GLD or 1,350 Gold spot.
However, be very quick to reverse and go short as major wave C down ensues. Expect wave 3 to take GLD down to 50, where C will equal A.
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Time to be looking south for a couple of months...Close long and either play overlapping correction to around 112 before going long...to 135 - 140....then, as noted initially...watch out below...this should be a fast moving major wave 3 down to well below ~80
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(B) of this primary ABC correction has morphed into a triangle rather than terminating and beginning (C) upward. See my updated analysis on gold to see my updated forecast.