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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: pz who wrote (124892)	10/13/2009 11:49:04 AM
From: Sweet Ol	Read Replies (1) \| Respond to of 206184

At this point the goat entrails are pretty cloudy. I am leaning towards a new rally high before the downturn begins, but I don't lean that way far enough to put any money on that bet. I am watching the Oct 2 lows to see if they get taken out. That would be a very good sign that the bear market has resumed in force. In the meantime it just seems to chop around aimlessly. The weather here is rainy so golf is no fun and I am amusing myself by day trading. Best to all, JRH

To: pz who wrote (124892)	10/13/2009 12:17:18 PM
From: Sweet Ol	4 Recommendations Respond to of 206184

I just happened to look at a book on chart patterns and it dawned on me that the S&P is tracing out a textbook example of a rising wedge in a down-trending market. This is a bearish pattern. If it follows the script it will top out soon against the top of the wedge and start down in another 5-waves. If it then goes down to the 600 level or lower it would make a perfect A-B-C correction. For this scenario to play out the downturn will start soon because there is not much wedge left. 1110-1120 looks like a good target. stockcharts.com Best to all, JRH