Today is called a recognition day when it finally becomes apparent that the trading range is ending and you have a massive breakout move. We can still get a backtest to the breakout point which would represent the 2nd area to take a position. Today GLD gapped below the H&S backtest to the bottom rail of the black bearish rising wedge and that very important S&R line which last week I said came into play around the 117 area.

GLD weekly chart:

GLD’s monthly 2011 bear market downtrend channel.