AMEX Gold Bugs Index Update

David Petch
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).[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
David Petch
email: ITMmyFAV@aol.com
website: www.treasurechests.info
Petch Archives

Disclaimer: The above is a matter of opinion and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Comments within the text should not be construed as specific recommendations to buy or sell securities. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. We are not registered brokers or advisors. Certain statements included herein may constitute "forward-looking statements" with the meaning of certain securities legislative measures. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the above mentioned companies, and / or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Do your own due diligence.

Copyright ©2006-2009 www.treasurechests.info. All rights reserved.

Unless otherwise indicated, all materials on this page are copyrighted by www.treasurechests.info. No part of this page, either text or image may be used for any purpose other than personal use. Therefore, reproduction, modification, storage in a retrieval system or retransmission, in any form or by any means, electronic, mechanical or otherwise, for reasons other than personal use, is strictly prohibited without prior written permission.

321gold Ltd