Quote:
Originally posted by Monk@Oct 26 2004, 06:46 PM
not jumping on the stock index chart wagon just yet.... at a critical juncture in my opinion.....I know wig uses longer term cycles so that gives me some comfort on which way we might go... but until my chart formations resolve one way or the other... I am watching from the sideline (except for my gold longs, some oil longs.... and a couple other things) I have a $COMPQ and $SPX chart somehwere.... will post them tomorrow.
Feels intuitively that oil might be topping out here for the intermediate term (but has huge upsaide long-term) and also feels like dollar has been lambasted so hard for so long that this trend may bounce the other way for awhile also (until the main trend resumes later on)
Gold is golden!!! Short term and long term.... in my opinion.
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Monk,
I am pretty much in agreement with what you have said, although I still think the preferred path for Gold is that it is still in a correction / consolidation from the January 2004 high of $433.
If I am correct, we are still in an Elliott "B" wave that should peak soon and be followed by a C wave decline finishing the correction and setting the stage for a very powerful advance into 2007-2008. A weekly close above $433 would negate this.