Sunday, November 09, 2008

Gold Bugs Index HUI - No bugs left? Watch the butterflies! SSRI, SLW, AUY, GDX


Picture is muted here. Two Left shoulders are much higher of the potential Head at 150.27. Danger here if the Gold will slip from Bearish Flag with US Dollar breaking up we can retest 150 area. I will not count on this: if the pattern will go as we have discussed in USD, VIX, DOW we will have fast shoot up above 250. Friday close above 200 is important, PPO is at Buy cross. With two Right Shoulders to be formed at above 227 and 250 we will have very strong reversal.

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