Time Of Truth For GLD

GLD-- The time of truth has arrived, now that GLD has satisfied a stair-step 7.7% pullback (see my attached chart) from its multi-year high at 195.00 (5/03/23) to 180.10 (5/25/23), which also represents a so far successful test of the dominant up trendline from the Nov. 2022 pivot low (150.51). 

GLD exhibits a favorable setup in and around 180 that argues for the initiation of a new bout of strength that needs to chew through key immediate resistance lodged from 183.00 to 184.40, which if taken out, will regain upside traction for a run to a minimum target zone of 188-192, where my work will need additional "pattern structure confirmation" to determine if GLD is in the grasp of a new upleg, or alternatively, needs to loop down again to retest the current low zone around 180.

Of course, the inability of GLD to chew through 183.00 in the upcoming hours/days followed by a break of 178.50 will be problematic and will point GLD lower into the 172.50-170.00 support zone... Last is 180.84