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Daily Digger - Wednesday Jan. 11, '05


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Interesting how we are now seeing a little bounce here out of PM when the other Markets are rolling over. Of course, we're looking to see that 420 holds for POG.

 

It appears NEM had some absorbing of the selling on Jan. 4 with the high volume and small range of price though the close was low. Probably the first sign of accumulation as price didn't slip down below the retested low of 41.35. You might even call Jan. 6 a spring of the Sept. 17 low. Follow through warranted...and the worst worry is a high volume gap up at 43.80. This could very well turn out to be the lowest trading range low from 41.26 to the gap around 44...

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HUI:

 

I had posted that an overlap of 90.31 on XAU would destroy any bullish count for XAU. It was where wave 4 overlapped 1.

 

Looked at HUI tonight.

 

The red/blue count was the count for the bulls. It's history. 4 overlapped 1.

 

There is no longer a bullish 5 wave count for the May/ November rally. That count is now illustrated in Black--the ABC "B" wave that I've suggested ad nauseum.

 

Moreover, impulses travel in channels. They respect trendlines. That red downtrendline is scary.

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HUI:

 

I had posted that an overlap of 90.31 on XAU would destroy any bullish count for XAU. It was where wave 4 overlapped 1.

 

Looked at HUI tonight.

 

The red/blue count was the count for the bulls. It's history. 4 overlapped 1.

 

There is no longer a bullish 5 wave count for the May/ November rally. That count is now illustrated in Black--the ABC "B" wave that I've suggested ad nauseum.

 

Moreover, impulses travel in channels. They respect trendlines. That red downtrendline is scary.

 

what if the 1 wave was the previous peak aug2 and then 3 was mid aug, and 5 early oct, then an abc to the recent low?

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One more time, "what's changed"???

 

Record trade deficit.

 

Record budget deficit.

 

Falling dollar.

 

Sinclair - "the international currency markets are too big, too fundamental and too powerful that the hoard of published dollar technical bulls just might get their ears pinned back by COMPLETE dedication at the altar of technical analysis and amazing disregard for fundamental reality."

 

Well, I guess one things' changed, I'm dumping that pos QRL on any strength.

 

Grinch - see ya at the end of the rainbow. :)

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fwiw, hui and silver continuous contract as well as the may silver contract have 9bar rsi divergences on the daily. i agree w/ vital signs i do think the low is in. and in elliott woffer terms 5 waves down have completed. i do not think this rally will produce new highs. and i do think these lows will be revisited and present a buying opportunity for the next rally phase. dharma

seems like golds fate is inevitable, so why doesnt it happen?! patience grasshopper. patience

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