I recently posted this daily chart for the GLD which shows a rising wedge with a similar top to the one that formed back in 2016. I mentioned we could see a ping pong move between the bottom rail of the rising wedge and the bottom black dashed trendline for the top around the 124 area. Today we are getting the backtest. If the bulls can takeout the black dashed S&R line that would be showing some bullish price action. Then if they can rally the GLD above the top rail of the rising wedge that would complete the 5th reversal point and we would then have a 5 point bullish rising wedge reversal pattern to the upside. Today’s price action is also closing some of that huge breakout gap.