Re GLD: given that there is a nesting of lows between Christmas and late Jan, a decline into that low with any thing like the recent rate of descent could result in the value of the low being lower than commonly expected. The current bounce took price back to approx the bottom of the prior consolidation and hence to a good point to sell.
The bounce is a 15day cycle, and the last expected bounce before the low. The peak is expected to be "left translated" because of the bear trend, and hence several days prior to the midpoint of the 15day cycle. As such, a up-channel constructed for the 7.5day subcomponent has been violated and various CCI have given sell signals, so price is now building a base and will presumably break lower.
Obv is usually leading or coincident, and it is definitely falling faster than price, which adds credence to the story.
Holding short GLD.
Stay on the right side of the cycle!
