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Gold/Mining/Energy : Gold Price Monitor

GDXJ 136.03

+6.2%

Jan 20 4:00 PM EST

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To: bobby beara who wrote (10240)	4/20/1998 5:08:00 PM
From: Little Joe	Read Replies (1) of 116895

Bobby: I agree with you. My experience has been these Elliot Wave predictions are pretty good prediciting short term bottoms and tops but not great on long term bottoms and tops. Prechter was predicting a top in the stock market for years and it hasn't happened yet. However the cycles have been fairly reliable in the XAU for some time now and I suspect that a top will be made late April/May. I think the market will be weak for most of the rest of the year, as gold stocks trace out a bottom. It seems to me that a lot more basebuilding needs to be done before we can expect gold or the XAU to move through the overhead resistence. I believe that the higher this rally extends itself the sooner that time will come. Having said all of that, I would be willing to change my mind if the market action justified it. Live long and prosper, Little joe

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