jr, I have not decided my exact strategy. I confess to having held my sizeable load of pms, which is still over 100%.
There are sideways to up, and even rising corrections, and I have taken this into consideration, so far.
At this stage in the HUI, at least where I have it plotted, I feel the chances good that is what we have going on here. Just a little additional info I left out before.
Re the gold fut plot, once again:
ttrader.com
if the count I have shown is correct, the 4 can not go below the top of the 1, per rules. Otherwise the count is invalid, and such is normally confirmed later in time. I find this particular rule violation to be most common, and it usually means the count one has done is incorrect. It comes up most on st wavelet counts, and if I work at it hard enough, the violation usually leads me to a better more correct count.
If you take all this into consideration, the HUI chart possibility I came up with makes a little sense, in the near term. It makes sense because gold does not appear to have any extremely significant corrections, near term, which in turn should translate to mild, sideways to up corrections for the HUI NT. Some individual equities I follow seem to indicate similar things.
But ..... there are other possibilites, much less bullish. If the pm and gold market want to really do a dirty on us, I wonder if it might just be chinese water torture sell off, slow over time. Why? Most bulls would just dig in. A sharp drop would probably concern me less, because I tend to think it would indicate a short correction. |
