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

To: spvies who wrote (139603)	12/21/2006 10:48:20 AM
From: skinowski	Read Replies (1) \| Respond to of 209892

To my eye, the May top in $HUI was the "real" top. Notice that the decline off that top was a "three-waver", which is not really consistent with being a "C" of a Flat. Notice also that the range since the May top consists of lower highs and higher bottoms... which makes me think that maybe the index is working on a triangle. That would be bullish, once it is completed. If that's the case, then at this time the index ought to be in wave "e". For now, this would be my favorite view. Short term, the index pulled back to an area where both - the 50 and 200 day moving averages come together. If this area cannot cause a bounce, then the index is likely to decline a good number of points lower....