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In that case, the labeling would change to consider the May 12th top as the top of Intermediate degree wave 1 that started back in August of 1999, and the correction underway as Intermediate 2 down, a large degree correction. We do not see that happening in this monetary inflating environment. The HUI Amex Gold Bugs Index continued its winning ways, rising another 8.64 points, or 2.6 percent, to 337.18. Volume was strong at 117 percent of its 10 day average with all issues advancing. Both key trend-finder indicators remain on “buy” signals Friday. The HUI 30 day Stochastic Fast comes in at 94.44, far above the Slow at 32.72, and remains on its “buy” signal from June 23rd. The HUI Purchasing Power Indicator rose to a new rally high of 192.11, remaining on its “buy” from June 15th. Since our proprietary HUI Purchasing Power Indicator triggered a “buy” on June 15th, the HUI has risen 13.3 percent. The HUI Amex Gold Bugs Index appears to have finished an a-down, b-up, c-down Intermediate degree wave 2 correction of the recent wave 1 run-up. Or alternately, the first and second sub-waves, Minuette i-down and ii-up of c-down have completed. Because we just got new “buy” signals, we believe c of 2 down finished on June 13th at 270.54, and Intermediate 3 up has started. There is a Bear Flag pattern with a downside target of 230ish, which would come into play with the alternate labeling.
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