HUI and Gold
Looking at a longer term chart, HUI Weekly, there is a major trendline and a consolidation channel at this recent low. From an E-wave perspective, there is a reasonably structured 'iv' like consolidation with a 'c of iv' 5 wave impulsive into this recent low. The structure is there for a turn, now. If it doesn't turn, I think long risk increases dramatically.
I would be a lot happier if this bounce off the bottom had a little more spring.
HUI-Weekly
stockcharts.com[g,a]waol...
The daily GOLD chart has a nice 'iv' flat consolidation too, with a 'c of iv' 5 wave impulsive into the recent low. It breached the channel and trendline (not so good), but the E wave structure looks classic. And it is not uncommon for 'iv's to breach channels somewhat.
Again, I would like to see a little more spring here. Like with the HUI, if it heads down below that 388 low, more than just a dip, I think long risk increases dramatically.
Gold-Daily
stockcharts.com[g,a]dao...
FWIW
Andy
Ps Hope you can see StockCharts' markings |
