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HUI Gold Stocks Index Ready to Break Down

Commodities / Gold and Silver 2011 May 19, 2011 - 11:45 AM GMT

By: Ronald_Rosen

Commodities

Best Financial Markets Analysis ArticleA French curve applied to the monthly logarithmic chart of the HUI has four points of contact. The curve at the top has been indicating resistance and the HUI now appears ready to break down.


HUI MONTHLY LOGARITHMIC CHART

Prior to the discussion of QE # 2 the HUI was fully prepared and ready to begin a vicious and final [C] leg down to a new low beneath the [A] leg low of 150.27. This would have been Major Wave Two. The [C] leg would probably have bottomed at LTD # 5 low. Once the bottom was in Major Wave Three would have begun.

“In a regular flat correction, wave B terminates about at the level of the beginning of wave A, and wave C terminates a slight bit past the end of wave “ E. W. P. regular flat correction

HUI MONTHLY

QE # 2 was hinted at by Ben Bernanke and the Federal Reserve in August of 2010. From that point forward the flat correction in the HUI was aborted. It has, since August of 2010, morphed into an expanded flat correction. A final [C] leg down in an expanded flat should bottom lower than the [C] leg in a regular flat correction. This means that the [C] leg down in the HUI should bottom well below 150.27. The low will most likely occur at LTD # 1 low. We know that the biggest moves tend to occur on either side of Delta Turning Point # 1.

“Far more common, however, is the variety called an expanded flat, which contains a price extreme beyond that of the preceding impulse wave. In expanded flats, wave B of the 3-3-5 pattern terminates beyond the starting level of wave A, and wave C ends more substantially beyond the ending level of
wave A.” E. W. P.

HUI MONTHLY


The ROSEN MARKET TIMING LETTER is available through Welles Wilder’s Delta Society International. Once there, click on Products and Services. The cost is $35.00 a month. www.deltasociety.com

By Ron Rosen

M I G H T Y I N S P I R I T

Simeon - A Picture of Patience

Ronald L. Rosen served in the U.S.Navy, with two combat tours Korean War. He later graduated from New York University and became a Registered Representative, stock and commodity broker with Carl M. Loeb, Rhodes & Co. and then Carter, Berlind and Weill. He retired to become private investor and is a director of the Delta Society International

Disclaimer: The contents of this letter represent the opinions of Ronald L. Rosen and Alistair Gilbert  Nothing contained herein is intended as investment advice or recommendations for specific investment decisions, and you should not rely on it as such. Ronald L. Rosen and Alistair Gilbert are not registered investment advisors. Information and analysis above are derived from sources and using methods believed to be reliable, but Ronald L. Rosen and Alistair Gilbert cannot accept responsibility for any trading losses you may incur as a result of your reliance on this analysis and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities. Do your own due diligence regarding personal investment decisions.

Ronald Rosen Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

truthhurtsss
19 May 11, 20:50
your fetish for irregular flat

You really have a fetish for irregular flat(also called expanded flat), don't you?

You tried that on gold months(or was it years?) back and failed. Now you are trying your favourite trick on HUI again. The probability of you getting this right is not good since this is all pure conjecture. I don't think you will get a home run here to make up for your failure in your gold prediction.


H2O
20 May 11, 02:53
Gold

Gold/silver 100, Ron 0. I almost sold all my gold coins and glad I listened to Jim Sinclair who never wavered on his call for $1650.

You think gold is going back below 150.27 by the end of the year? Gold will be lucky to get below 1100 the way our government is printing money.


Paul B
21 May 11, 16:49
Gold futures

FWIW, My prediction for gold end 2011 is > $1,720/oz and I'm seldom wrong.


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