Is GLD Nearing Corrective Exhaustion?

Below is what we discussed last Wednesday (May 25) when SPDR Gold Shares (GLD was 116.88 as it continued to trade down from its May high at 124.59-- in route to my optimal target zone of 114.50-113.50.

As it turned out, the low in GLD so far occurred last Friday at 115.29, amid a glaring momentum divergence, which is our first warning signal that the May correction is at or near exhaustion.

That said, I am not convinced that GLD has turned up in a sustainable way. I will continue to watch for a while longer (for a lower corrective low closer to 114.50) prior to adding to my 25% long position in The MPTrader Model Portfolio. MJP 5/31/16

In that my intermediate term work argues that GLD has much unfinished business on the upside after this bout of weakness runs its course, my optimal target (Buy) window is 114.50-113.50 prior to my expectation of a powerful upside reversal that initiates a new upleg that will propel GLD to new highs in the vicinity of 130. If my analysis is reasonably accurate, then GLD has about 2.5% of additional weakness prior to a potential upmove of 14%. MJP 5/25/16