Tuesday, March 26, 2013
Lets take a quick look at two landmarks we can use to tell us where we are:
ALL THINGS CONSIDERED the markings and data on the HUI, Gold Miners SHORT TERM CHART, shows us at a small correcting TOP as of this week, within which we can go back and bounce off the Bottom from the First week in March, according to projections based MACD. It also is clear that the S1 Pivot, may be part of the area it reverses from. That low would be 337.29
and that S1 Pivot is located nicely positioned @ 338.29, how nice.
Some of my other BREAK-OUT pointers look at the First Week in April. Based on an about 3.5 week rally, it would not be surprising to see it take half that time to correct, thus the First Week in April is where I would look fo another rally.
Now all this means NOTHING, if the LONG TERM is not reversing to the UPSIDE, so lets LOOK:
This 3.5 year chart, weekly of the $HUI, looking like a LONG TERM BOTTOM shows it wishing to reverse to the upside, soooo, I am not buying into the short term TOP we saw, as I called buying in the First week in March and that was good. Now, following the same pattern, I would say a good Long and Short Term buy will come to us in the First week in April. That said, we will observe and see what, if anything changes..........