By: Jeff Cooper
Hit and Run Bonus Report: July 13, 2023
Need help? Check out the Hit and Run Success Guide.
Editor's Note: How is Hit and Run Trading Going for You? Let us know by clicking here for a quick survey.
GLD Breakout
We flagged the Gilligan buy signal in this space on June 29th.
Immediately on the heels of that signal, GLD turned its 3 Day Chart up.
It was immediately followed by 2 consecutive lower daily lows putting GLD in my
Plus One/Minus Two buy position.
Immediately GLD rallied, gaping up on July 7th.
GLD tailed off following that up gap but never got hit.
It was to prove a conspicuous change in character.
On Tuesday, GLD cleared and closed over its 20 day ma.
That proved to be a big clue to Wednesday’s Gap & Go which saw GLD magnetized right to its 50 day moving average.
Let’s put this pattern analysis within the context of the move up from November 3rd low at 150.50.
As flagged months ago, 90 degrees up from 150.50 is 163.
GLD telegraphed higher when it cleared 163 within a few weeks of the early November low.
The next 90 degree decrement up is 175,50.
GLD signaled higher when it cleared 175.50.
The subsequent pullback held ABOVE 163.
The next 90 degrees decrement higher from 175.50 is 190.
GLD struck a top at 190 in early May.
The pullback held ABOVE 175.50.
GLD scored an Angular Rule Of 4 Breakout yesterday.
A breakout above 190/191 will see accelerated momentum to 203, which represents a 360 degree move above 150.50.
However, a big picture monthly shows that sustaining a breakout above 191 triggers a Rule Of 4 Breakout.
My expectation is that breakage above 191 will see a drive to 233.
This represents a 540 degree square/cube up from last November’s low.
Notice that a Rule of 4 Breakout over 191 triggers a lift our of a Stein & Handle from the March 2020 peak, the left side of the Stein.
As well, momentum over 191 is a breakout over a 12 year/144 month Fibonacci Cup and Handle.
My Square of 9 Wheel suggests 233 can be seen by September.
P.S. Don't forget to take our survey.