Thanks for the explanation Randy. But from all that I have learnt from you, I will still wait for some kind of divergence before going long. :)

Great question. Looking for divergences to identify potential inflection points (trend changes) on securities are a big part of my analysis but divergences are certainly not a must for a major top or bottom. In past videos going back many months, I have stated that the 158 level as a big support level in GLD & that although I wasn’t sure if it would get there on the recent correction, that if it did, that’s where I’d be looking to add back a full position (which I did). That 158ish level is not only good price support but there’s also a confluence of Fibonacci clusters there as well. I’ll make a point to cover that in the next update.