Cobra's Market View

$GLD, widest bear bar after consecutive down with volume surge so it could be an exhaustion therefore could be a rebound here first, which, if indeed, MAY have chances to form a larger scale of higher low reversal (therefore more solid bottom) pattern. I think it's the time to watch closely.

$GLD still has chances to make either higher low or slightly lower low trend reversal. The battle isn't over yet. Watch the volume for a sign of gold bull capitulation.

$GLD, I don't see bottom pattern here, FEELs still could be another leg down to near the blue line below at least. I'm not very sure though, could be bottomed, your call.

$GLD, did I mention the common pattern for a bottom therefore looked missing another test of the low? Here's the test. Time to watch. Printing money will be the new normal among center banks, I believe $gold will be shining in the long run. Just a common sense, I don't want to argue the theory.

$GLD back to the resistance area (consolidation area means some people are trapped there so they may see the rebound as the opportunity to run away therefore the longer the consolidation lasts the more sellers), key time. Right now maybe 40% chances double bottom (green arrows).

So the resistance was strong so now $GLD is back to the previous low. 50% chances of double bottom here. Volume surged yesterday but down again today with less volume so not sure whether we'll see a rebound here first or not, need see tomorrow.

Please note, depends on how economy recovers, aka how long Fed stop printing money, $GLD may go down for several years. Could be a cup with handle pattern and now it's the pullback to make the handle phase.

$GLD looks like a breakout on the downside is more likely as it spent 3 days consolidating on the support which acts like a "take a deep breath" before pushing forward.

$GLD breakdown as expected. The next support is around $160 (blue line). Actually now is in the support area, let's see any rebound here. As usual we need see a huge volume surge first.

$GLD, double bottom or not, wait and see. I say 50% chances maybe less.
Follow through of the last update: Indeed it's testing the support area. The rebound so far looks weak and this is why I think double bottom here may have less than 50% chances.

$GLD, looks like it's a valid double bottom breakout. Tinted area is the text book target.