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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Gold Stocks Expected to Correct During October

Commodities / Gold & Silver Stocks Oct 02, 2007 - 10:20 AM GMT

By: David_Petch

Commodities 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.

This article was originally posted on Sunday September 30th for the benefit of subscribers.

Figure 1

The remainder of the update is reserved for subscribers. As an aside, our initial of assessment of the S&P 500 has remained accurate since June 2007 and I will update this in a few weeks.

By David Petch

http://www.treasurechests.info

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