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Precious Metals: How Long Will the Bull Wave Last?

Posted on May 12, 2008

It's been a while since I showed a chart on the Amex Gold BUGS Index (HUI). The correction from the peak of 519.68 achieved in March has been nothing short of devastating. In the chart below, the HUI is examined in the weekly time frame that smooth out the higher frequency wiggles. The journey from 285 to 520 is labeled wave i of 3 of III, a clear upward 5-wave impulse wave. The 3-wave down correction to the 50-week MA is equally recognizable. This wave assignment implies that the most powerful iii of 3 of III will arrive shortly, if it is not already here....

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gold , metals , precious metals