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Strategies & Market Trends : Classic TA Workplace
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To: SwampDogg who wrote (78598)8/6/2003 9:45:57 PM
From: the-phoenix  Read Replies (1) of 209892
 
If XAU and POG trace out an abc correction here, as I am anticipating, HUI might make a flat, double topping with the 7/28 high tomorrow. In that case my targets for the end of the purported 2 of 5 would be 160ish on HUI, 78 on XAU and 333 on COMEX gold futs. (Those are A=C targets and roughly .618 retracements of the 1 of 5 on XAU and POG.) By then any last gasp rally in the general markets may be finishing up, and the 3 of 5 in the PMs might coincide with the beginning of a larger correction in the general stock market.

This may all be a bit too precious, but I like to have a detailed roadmap in front of me when contemplating trading options a week before expiry. That way I can know quickly whether I guessed wrong or not, and possibly salvage something out the trade.

Thanks for your insights.
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