(Click On Charts To Enlarge)
While the general market was putting in a Bear Trap low on November 21, the GLD had a Breakaway Gap out of a Symmetrical Triangle that morning, which put an upside target of 85.39 IN PLAY.
Math for the target:
76.36 - High of the pattern
66.00 - Low of the pattern
76.36-66.00 = 10.36 points of upside on the breakout above 75.03
75.03 + 10.36 = 85.39 IN PLAY
The 85.39 target MADE at the open this morning.
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