On the other hand, VT, look at this chart of MDG:
bigcharts.marketwatch.com
It looks like there is a bullish pennant forming the last two months, but:
1. If the highs of Sept, Feb, and June were the ends of waves 1, 3, and 5, then the June low was A and the recent high was B, and we are just about to tank to the $14 dollar area.
2. A line drawn through the July 2001, October, and March lows trends through $14 right now.
I'm inclined toward there being a fast dive in the XAU and all its components in the next couple of weeks, from which we will launch the next big leg up. The XAU drop may coincide with a snap-back in the general market after the expiration, and change in cycle upon the full moon the following Friday.
Regards,
crusty |
