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Strategies & Market Trends : Classic TA Workplace

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To: gold$10k who wrote (27338)	1/9/2002 9:42:15 PM
From: Shack	Read Replies (2) of 209892

VT, I don't count the XAU due to the huge weighting of PD. However I do count the HUI for the gold miners which many feel is in the count you mentioned (a '3' up). I have held the notion that we are still in the correction off the May high. My main reason for disbelieving the '3' up is that the commercial hedgers are still short the metal and getting shorter. If I'm right then the current rally (a 'b') should be done here and we turn back down hard now. Along with another dump in the metal. That being said, when the next dump is done, the '3' up would begin. Hopefully the commercial hedgers will be long.

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