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Non-Tech : The Woodshed

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To: crustyoldprospector who wrote (6831)	5/13/2004 8:39:40 AM
From: jimsioi	Read Replies (2) of 60908

Crusty, on your GOLD HUI chart... I've always tracked the relationship from the perspective of the HUI as a percent of the price of GOLD...On the linear chart below one can see it has broken an uptrend line extending up from the lows through the March '03 lows...One sees the same five waves up you refer to in your work though on your chart of course they are five waves down... The recent break of the master uptrend and little bounce back to it, likely to be short lived and terminated by this weeks action the way we are going, is part of a massive correction of the terminated bull run....it seems to me it could be reasonably said... If there is a 50% correction the relationship pulls back to point 38....a full 61.8% correction and we get to support at 32....If Gold is at $350 when this occurs, be it in June or later this year or next the HUI will be at 109.... The 50% correction in the relationship takes it as noted to 38 where with Gold at $350 the HUI would be 133, pretty close to your number of 137. I think the 50% correction of the HUI's entire move is at 144...The 61.8% correction number is 118... So we have numbers for the HUI of 144, 137, 133, 118 and 109... My guess is 125 HUI with Gold at $367...That's another 25% down for miners....nothing to be hanging around for with much of a position on... MIners look like they will have not only a weak dollar to contend with today but a weak stock market....double whammy... PPI was point 7 but the price of gold doesn't care...right now it's not about inflation; higher interest rates are going to take care of that... ....It's about the dollar and somebodies have a real love affair with them... HUI / Gold stockcharts.com[w,a]walayyay[pf][vc60]&pref=G HUI stockcharts.com[w,a]walayyay[pc40!f][vc60]&pref=G

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