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Strategies & Market Trends : Natural Resource Stocks -- Ignore unavailable to you. Want to Upgrade?

To: jimsioi who wrote (7780)	2/15/2004 6:26:20 AM
From: crustyoldprospector	Read Replies (1) \| Respond to of 108653

Hi jims, Thanks for the chart. Seen by themselves, the HUI weekly trend indicators are looking OK: bigcharts.marketwatch.com But, the candle for last week is looking like a shooting star, HUI underperformed POG on Friday, and the HUI daily chart looks set-up for some down: bigcharts.marketwatch.com On the weekly chart there is potential for a 5th wave down from the Nov high, starting this week and going into deep oversold territory. Once it hits oversold, who knows where the bottom will be? A lot lower than most on the gold boards will venture, I say. It's been so long since a serious pull-back has come about that any move into oversold territory could manifest as a memorable flush of newbies. Anyone who thinks HUI=155 is out of the question hasn't played PMs very long, IMO. I think an HUI close below 211 would be highly bearish. The head-and-shoulders forming with the double top on the HUI is clear. Whichever breaks first, 211 or 240, will be the key to future action. I'm standing pat until I see one or the other. We'll know the answer to that one by the time Mardis Gras ends, IMO. If HUI closes below 211, then my current map says don't add until HUI=180 area, at the earliest. All the above sounds heavily bearish. However, a break of 240 will signal 300 ahead IMO. So, I see that but try keeping my excitement in the box until 241 appears. Sitting the Fence, I am, crusty