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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: orkrious who wrote (87380)10/5/2007 10:34:51 PM
From: orkrious  Read Replies (1) of 110194
 
XAU/HUI -- trotsky, 13:46:05 10/05/07 Fri
wave 5 of 1 up probably underway now (watch 10 and 60 min charts for development of this wave).
it coincides with a subtle deterioration in the XAU put/call open interest ratio (which is still firmly in bullish territory, only less so).
follow this up wave higher with trailing stops - when it ends we'll get another larger degree corrective wave, usually the second waves are simple a-b-c's producing 38-50% corrections of the previous up wave.
gold itself still risky on account of the spec position and the still oversold dollar, although it is noteworthy that gold has proceeded to ignore the recent dollar bounce (a good sign).
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