Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Bullish $HUI Count

IMG Auteur
Published : March 19th, 2009
334 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

 

 

 

 

If a reason was needed to start a wave 3 up in gold mining stocks, Bernanke's Grand Experiment yesterday certainly fits the bill.

Here is a chart of the $HUI showing the most bullish of potential counts.








For those not in tune with the E-Wave implications of the above chart, wave 3 up which we may have started, will be long strong and unrelenting. The huge declines in the indicies last September-November is indicative of the strength of a wave 3 down.

There are other valid $HUI counts as that is just one possible interpretation. Moreover, there is plenty of room for another ABC correction lower even if the general idea depicted above is correct. Certainly, the fundamental news (Bernanke's monetization experiment) is supportive of gold in theory.

As for the overall major market indices, there are so many possibilities that I am reluctant to post one.

Please see
Another Bear Market Rally or Something More? for my March 10 ewave update and this warning to bears:

"It now appears as if the S&P 500 has traced out 5 clean waves down, ending at 666. If that is the case and wave 5 does not extend, it will not be fun to be net short at this point whether or not lower lows are ultimately coming later or not. For now, let's party like we have profits, whether we do or not."

I did have a general target of the 50MA on the S&P 500 and that hit yesterday and again at the open today. 666 to 800 is a pretty solid move percentage wise, yet sentiment wise hardly anyone thinks this rally is going anywhere. This is a possible warning sign for the bears.

Right now, the uptrend must be respected until proven otherwise, and that is especially true for the $HUI.


 

Mish

GlobalEconomicAnalysis.blogspot.com

 

Mish's Global Economic Trend Analysis

Thoughts on the great inflation/deflation/stagflation debate as well as discussions on gold, silver, currencies, interest rates, and policy decisions that affect the global markets.

 

 

 

 

 

 

 

 

<< Previous article
Rate :Average :0 (0 vote)
>> Next article
IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
WebsiteSubscribe to his services
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Marine Le Pen Soars Into Lead in...
30 Januser47791
Some of the polled people must be voting for 2 presidents: the combined votes total at least 134%.
Greece's Debt: Guess Who Pays in...
28 Janbelville19071
I have read better analysis from Adrian: Greece is in an extremely strong position and the EC has to give in. If Greece leaves and defaults on its ...
Koos Jansen: India's silver expo...
26 JanDoom
Heh, the title doesn't match the subject. I would have been shocked if India was really exporting silver, much less exporting a record.
Education is Too Important Not t...
26 Jansam_site1
Right on Ron. Americans don't understand that we have been fed a distorted version of history taught in our schools. The constant attempts by cri...
Job Site of the Future: Unmanned...
26 Janrhaacke
All this fear of automation taking over jobs is completely unfounded. It will never be possible for machines to make everyone unemployed. If everyo...
Jim Rickards: Gold price manipul...
26 Janstustev1
Jim, If the intent of the manipulation is to get more gold into China and it is imperative to accomplish this forthwith then why do not the wor...
Dollar Denial Ain't Just a River
24 Janovertheedge
"It all comes back to preparing for the worst, and letting the best take care of itself. Easy to say - hard to implement. " "Therefore, we...
Housing Affordability: How Does ...
23 JanThautikus4
Mish, As a Canadian follower of your excellent commentary I will answer in regard to the Canadian Real Estate bubble which crested in 2013-2014 and...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.