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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (8363)	7/31/2001 2:31:36 AM
From: Perspective	Read Replies (1) of 209892

Check out da HUI on the dailies. It may be in a contracting triangle, which would say a reversal upward is very near. The price is right into the apex, just as the support line for the last year is coming up to meet it. The support line is further validated by the fact that its parallel formed a nice channel whose break marked the May 2001 blowoff, and which provided key resistance when, after prices fell back into the channel, it was retested from below. geocities.com Also note the extreme long-term significance of the low 60s on a weekly. Today's move just below the support TL is probably just a headfake, to be reversed by week's end. The interesting thing is that HUI is usually only strong if there are a) inflationary pressures or b) market turmoil. I don't think inflationary pressures will be a problem for a long time; deflation is the real enemy (and that's even worse than inflation). So, if HUI is ready to reverse, is the market ready to get downwardly mobile? I doubt that such extrapolations are of much use, but - 'tis the season... BC

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