Let's zoom in ...
- GLD did retrace 50% of it's move since last April
Let's zoom in at the last 5 months:
- The higher green line is the 38.2% retracement level for the rise since last April
- The purple trendline is a key support line
- The 2 light blue lines are Fibonacci Fan lines going back to Nov 2008
If GLD does not hold here then the falling channel outlined in red lines will trump the continuation reverse head and shoulders, which would mean a deeper consolidation. Pay attention also to the price by volume bars on the left, as well. Another decision point ...