The two harmonic patterns confluence zone near 114$, along with the downtrend line, sent GLD below the C level of both the Gartley (red) and the Butterfly (blue) patterns. The price also broke below the trading channel's bottom, signaling that it may continue lower.
The next potential reversal zone.. and perhaps a longer term bullish reversal in GLD.. is near 100$, that besides being an important psychological zone, it is also the completion zone of the bullish AB=CD pattern (weekly)
Tomer, The MarketZone This analysis is part of the Weekly Markets Analysis newsletters
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