GLD has given back the gains made in 10 trading days in one trading day. FridayÃ¢â¬â¢s drop was brutal for gold. You have to remember that those 10 trading days were not flat trading days. The price those days were practically straight up a wall. FridayÃ¢â¬â¢s action is significant. I do expect a lower low for gold. I was expecting lower prices in my last post on 10/27/09. In that post, I stated that there were only three waves so far and was expecting another push down to complete the impulse wave to signal a turn. To say that the price did not push lower is an understatement! Those three waves down were only an ABC correction. I could not recommend buying when the price kept gapping on the open just about every other day. Gold will do that. Looking back, I wish I had. Hindsight is 20/20. That leads me to the next point concerning the Elliott Wave count. The drop from 12/3/09 did consist of a five-wave impulsive pattern. This is best seen when viewing the 15-minute chart. This indicates that the trend has potentially changed. The facts that may help confirm this case for a top being complete is the other evidence. First, there was an island reversal pattern with the open on 12/2/09 and 12/4/09. 12/3/09 was a key reversal day. The price made an intraday high but closed down for the day. It also had an intraday lower low for that day also, all in the middle of the island reversal pattern. The gap down on 12/4/09 could very well be a breakaway gap. The reason I say that is the extremely high volume for that day. The 50-day average volume was 18.3 shares the day before, but the volume for that day was almost 80M shares traded. I believe there was a little distribution. What do you think? The critical horizontal support level is the low of 10/28/09. I expect the price to reach that level about as fast it rocketed up from it, maybe faster. The next support level below that is the 9/25/09 low. MACD and Slow Stochastic were extremely overbought. I would also expect the Slow Stochastic to be extremely oversold as well when the price starts falling with each day.