New Bull Phase Expected in GLD

What has been so frustrating about the SPDR Gold Shares (GLD) from my perspective is that my pattern work argues that the up-move from the May 30 multi-month corrective low at 148.53 to the June 5 high at 159.30 exhibits very bullish form and represents the initiation of a new bull phase.

If that is accurate, then what has been going on with GLD for the past 6 weeks? The bullish scenario suggests that all of the wicked swings and sideways action somehow is part of a developing May-July (Aug?) bottom that will find a catalyst that will rocket the GLD into a vertical thrust.

Based on the enclosed 4-hour chart, however, the GLD must hurdle 155.30/80 to get any traction, which so far certainly has been elusive.

On the other hand, the GLD chart pattern off of the June 28-July 12 double low around 150.20 has the right look of an impending up-leg -- that could have started TODAY. It is with the foregoing in mind that we re-enter a new long model portfolio position in the GLD, with stops just under 150.00.