Most technicians use the key Fibonacci retracement ratios of 23.6%, 38.2%, 50%, 61.8% and 100%, when measuring price objectives. The reaction to a move is often a percentage retracement.
GLD has had a good run since 7/28. Like I said, virtually every technician is looking at the Fibonacci price levels. Not many use Fibonacci in regards to time. When price is uncertain, time can be a valuable tool. I see price as uncertain, because much of the gold rally was driven by the currency market.
Using 38% of the time of the recent gold rally takes us to about November 4th, for a projected long entry point.
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