GLD had a 3-year uptrend starting in 2008 that ended with a breakdown from a descending triangle in 2013. GLD drifted lower from 2013 to 2015 but since late 2015 has arguably been forming a reversal symmetrical triangle.
Another interpretation of GLD's price action over last 5 years is a Head & Shoulders Bottom as shown in the following monthly chart:
We can combine the two interpretations by saying that the possible H&S bottom's right shoulder is in the form of a possible symmetrical triangle as shown in the following weekly chart:
The next chart is a daily chart that focuses on the right-shoulder symmetrical triangle:
Let's now zoom even more:
We see that a breakout from this possible multi-year Head & Shoulders Bottom must overcome triple resistance. After a decisive breakout from a 3-week flag on February 14, GLD is loitering where the triple resistance lines meet.
So be patient. And even with patience, remember that chart patterns can fail (even after what seems a decisive breakout). The current setup can morph into a H&S bottom failure or something else. This post is just one interpretation among many possible views.
