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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: long-gone who wrote (11225)	5/4/1998 4:49:00 PM
From: Little Joe	Read Replies (3) of 116785

Richard: What I would say you have is an uptrend that is still in tact. It is critical that for this upturn to continue the highs around 306 will need to be taken out. Incidently, even if this was construed as a W bottom, those highs would have to be taken out, before it could be called a W bottom. Either way the highs have to be taken out and until then we have no confirmation. My guess is that due to cycles due to top in May those tops will be challenged and perhaps exceeded, but it is likely that for the time being it will be a false breakout and the lows retested. In other words I think the most likely scenario is one more try at the highs. At that point it is time to look at the situation again. The top I am talking about is not a major top and before the year is out we may see new highs regardless of what happens in the short term. Live long and prosper, Little joe

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