i really like the gold action lately. a major break out maybe brewing with the hui/gold ratio approaching the one yr down trend line....im getting all excited again.
shorter term, the dow 15 min chart probably the cleanest chart to follow relative to hui and xoi. dow is forming an ending triangle. this is the minor wave 5 up.
the hui is most explosive....also probably into the latter part of the 5th minor wave this am. i was wrong yesterday....hui was forming wave 4....a symmetrical triangle.....
xoi is in a trading range great for flippers the last 5 days....will this channel be broken....or is this already the correction for the run up....the immediate daily count for xoi is its in wave 4 or minor 1/3 up.... if the latter is the case.....we can expect oil to rocket above last year's high.
all this spells doom for the dollar......major support at 80.
the fed wants to sink the dollar slowly and orderly....whats not to like more paper and less debt.....for the mean time everyone is happy and delusional....the smart one is jumping all into equity with real estate bubble popped. cash is dead....interest minus "real" inflation equals a much lesser buying power return.
remember i mentioned nasdaq to 1200-1400, but since the 2000 bubble it never retraced back to the 38.2% range. hence current wave b might still be running.