AMEX Gold Bugs Index Update
Oct 3, 2007
This article was written
on Sunday September 30th for the benefit of subscribers.
The short-term Elliott Wave
chart of the HUI is shown below, with the thought path denoted
in green. I expect the HUI to hit 401-403 on Monday AM, to complete
wave (1)..III. Wave (2) should take approximately 4-5 weeks
to complete, bottoming around early November. As mentioned last
week, wave 1 was longer in time than wave 2, suggestive that
wave 1 was to be the longest wave in 2/3 of time, price or complexity
for all impulsive waves of Minor Degree (pink). There is the
possibility that wave 5 could still be underway until Friday,
or that wave 4 is doing a [c] wave down to 380 before bouncing
up in wave 5 (grey, alternate count). Regardless of which pattern
turns out to be correct, the corrective structure should follow
something like the green pattern presented. Wave II terminated
with a complex pattern and the explosive move that followed qualifies
the labeling scheme as correct.
The remainder of the update
is reserved for subscribers. As an aside, our initial assessment
of the S&P 500 has remained accurate since June 2007 and
I will update this in a few weeks.
Oct 2, 2007
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