Since price peaked in 2011 at 185.85, the $GLD has been making lower highs and lower lows as you can see on the weekly chart below. Dec of 2015 we saw price hit a intra week low of 100.23 and then rise to a intra week high of 131.15 before heading back lower. One should take note that $GLD did put in a higher low after hitting that 131.15 and is now trying to make a higher high which would be bullish for the bugs. What I need to see going forward is a weekly close > 123.31 to get long the $GLD vs the 200 week moving average (in black) for the stop loss. The 2nd chart shows my EW count on the monthly timeframe. I am no elliottician but would make sense if the weekly chart triggers a long over the next several weeks. Remember all we can do is prepare and act and if $GLD is ready so are we.
Monthly Chart below with Elliott Wave count
In conclusion, I am still on the sidelines with the $GLD and have no position. I will enter long on any weekly close over 123.31 using the 200 week ma as my weekly stop.