4 replies to this topic

[SilentOne]

We are probably in wave 3-4 as depicted here by bearvest at Stool.



http://www.capitalst...opic=7395&st=80

One thing is clear, we did complete a wave 3 impulse of a lessor degree when we topped at 115. The other point I would add is 5th waves typically extend here. So if another wave or 5th wave in this set is coming, it should take us much higher.

We should not correct lower than XAU 103. That would be a clear warning that something else is up.

cheers,

john

[SilentOne]

On a larger degree, the HUI is in wave 3 off the May low. I am not entirely sure of the labelling here, but suffice to say that the higher MACD peak and crossover confirmed a wave 3-3 peak.



When the slow stoch hits the bottom under 20, I'll be very confident of a buy.

cheers,

john

[PorkLoin]

John, agreed on the 3 of a third from the May low. It could be 3 of C, too, in a much less overall bullish count. I think it's lower probability, but we still could be in a big triangle or horizontal consolidation of the last two years. Going with the bullish 3 of 3, I think there's a very good chance we're still in the red wave 4. And what you say about the 103 level makes sense -- for bulls it really needs to hold. If we go on up from right now, great, but that red wave 4 went down roughly 8 points, from 115 to 107. I'm thinking maybe we'll have a double zig-zag to complete 4, and another 8 points down from yesterday's high would aim right at 103. Doug

[Rock]

John, The HUI daily slow sto made the sub-20 turn up today. Is that good enough? Are you still riding MCEL? Thanks Paul

[SilentOne]

Hi Paul, I'm still sitting on my hands on the PMs. The miners are waiting for something while gold grinds higher. Not comfortable loading long with this type of action. On MCEL and alternative energy, I sold all positions early in the week whent eh SPX rolled. Watching for now but would be looking to reenter sometime in the coming weeks. cheers, john