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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: John McCarthy who wrote (134346)	7/13/2006 6:11:15 PM
From: sitkapacific	Read Replies (1) \| Respond to of 209892

Hi John, Here are my wave counts for the HUI. The Red A-B-C is the bearish take, and interprets the move off the 2000 low as an A-B-C correction. The Green count is more bullish, as it was the HUI in a wave 2 of a larger wave 3 up that started in May 2005. stockcharts.com Either count seems possible to me, but far various reasons I think the bullish Green count is more likely to be correct than the bearish one. If we assume the bullish count is correct, then the current decline is a wave 2 correction of the advance from May 2005 through May 2006. The HUI has broken and now tested the trendline for that rally in what I think is most likely a wave A down and wave B up. I think we're likely to have a wave C down before the larger degree wave 3 continues. stockcharts.com There is very strong support on the weekly chart in the 250 area, and that's also where the 61.8% retrace is. I'll be a buyer there if/when the HUI gets there. If you have the time, it would be great to see your charts. I can't really visualize what you are talking about with the 15 & 30 year charts. Brian