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Non-Tech : The Woodshed
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From: Square_Dealings12/3/2004 6:53:49 PM
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HUI/Gold Ratio TA

Today was a doji which touched on the fibonacci 61.8% retracement of the whole leg up from beginning of August to early October.
It closed on the 50% fib retracement of this leg. Sorry I dont show the fib levels but you can measure it on charting software.

stockcharts.com[l,a]daclyyay[dc][pb50!b200][vc60][iUb14!La12,26,9]&pref=G

On a longer view this chart is looking like a classic cup and handle formation to me. The chart had to dip down here to give a "handle".

stockcharts.com[l,a]daclyyay[dd][pb50!b200][vc60][iUb14!La12,26,9]&pref=G

The target for a cup and handle formation is to add the depth of the cup to the brim. So target is .679 for the HUI/Gold ratio. This probably coincides with gold around 500 so HUI would be 339

This would be a new high on the HUI/Gold ratio and it put it crossing above a higher fib so I think the first major target would be .727 So maybe HUI will make it to 360 or so and then use 339 as new support for the leg higher.

If the HUI can get going in a major third leg (which seems like a big IF lately) then the target would be an important fib at .90

Since I have 3rd leg target for gold at 660 this would put the HUI at .90(660) = 594

Hopefully today's doji marks and end to the shakeout and we move up to new highs first to HUI 339 and ultimately to HUI 594. This will probably take a few years to accomplish.

M
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