GLD Wolfe Wave

A bearish Wolfe Wave setting up in GLD?? For those who have a hatrEd for obscure patterns of price, a wolfe wave is just a way of highlighting narrowing wedges (3-pushes to a top/bottom), so just stop your hating! These types of narrowing wedges play out in an exhaustion move (bear/bull trap at Wave 5) before moving in the direction of the target (1-4 line).
Most recently we have this setup unfolding
Within the "sweet spot" (#5 point) it would be preferable to see strong volume come in to confirm a bearish suspicion.
On a broader scale however, there is this bearish Wolfe Wave in GLD:
The "sweet spot" terminates above the $130 level, and volume (like that seen around our #3 point in December) would be a guiding factor. In this instance, the target would come in around the $105 mark (which happens to be previous resistance-turned-support).
Of note: the former bearish wolfe wave can come to complete it's target and the latter bearish wolfe wave would still be in play!

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