descartes huh, bear markitz tend to drive people to heavy drinking - ho ho ho.
now since i got my chance to buy abx and nem at below their 98 lows, i am a gold bull, especially when i did my little survey of whether gold sucked enuf yet, the answer was either yawn or no -g-
stockcharts.com[L,A]DACLYYMY[DF][PB50!B200][VC60][IUB14!LA12,26,9]
NEM has a nice elliot wave pattern with a bearish triangle of the 98 lows ABCDE into the may high, it looked a lot like a base and caught a lot of people on the bullish side, trapped em (me too - this is kind of like the bearish triangle in the nasdaq off the may bottom in reverse)
from the E wave, you can count a five wave move, with wave 4 that ABC correction in september, and on the 60 minute chart i believe that we completed wave 5 on nem on the gap down last week, notice that gap was filled quickly, hinting that it was an exhaustion gap.
if my read is right the bear market in the xau from 96 was finished last week.
we'll see if i exist, therefore i suk, after this call -g-
even if this big picture call is wrong, i believe a bear market rally to the 16 to 17 area is a strong possibility |
