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To: At_The_Ask who wrote (147588)	1/31/2002 4:49:27 PM
From: pater tenebrarum	Respond to of 436258

well, i was actually referring to the higher degree wave...as per the weekly chart. the correction from the May high to the November low was imo a wave 2, so the rise since should be (primary) wave 3 according to this interpretation. i said so when it started, and so far i feel vindicated, as the advance is clearly impulsive in ALL time frames...doesn't matter if you look at 1 minute , 10 minute, hourly or daily charts (a VERY important exercise imo if one wants to determine the true nature of a move). what we're in now on the daily is still 1 of primary 3 imo. so at some point we should see a 2 of 3 correction, and then a blast-off. probably coincident with the final BoE auction. there's one alternative to the big picture view imo and that's that the entire rise from the Nov. 2000 low is going to turn into an A-B-C , and we're now in 1 of C. but that would still target at least 100 on the HUI medium term. so i agree, it isn't over yet. as i've mentioned elsewhere recently, at some point the metal itself should play catch-up, and even if it only corrects a part of the decline from whichever point you choose (say e.g. a large degree correction would correct the decline from the 1980 high, a smaller degree one that from the 1996 high) , the correction would amount to a pretty decent cyclical bull market. and who knows, at some point it might turn out that it's a secular bull market, but i'm trying to keep my expectations modest. i still have a medium term fibo target of 340-350 for the PoG, enough to make ME happy if it turns out to be correct.