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The EW labeling for the HUI shows that Intermediate degree wave 1 up completed on May 11th. Since then, we see a three wave “Flat” for Intermediate degree wave 2 down, correcting Intermediate 1 up. So far, Minor wave “a” down finished in June, wave b up was a three-wave affair ending with a small Rising Bearish Wedge, a.k.a. Ending Diagonal Triangle, complete with a spike throw-over, which was promptly followed by a vertical plunge in the HUI, Minor degree wave c down, which is still in process. What looked like an Ascending Triangle morphed into the Ending Diagonal Triangle. Instructive is that what followed the spike throw-over in the HUI is what we expect to occur in major equity averages that sport a similar Rising Bearish Wedge Ending Diagonal pattern. Minor degree wave c down of 2 down is still in process and could take the HUI down to the 260 area should wave 2 down want to correct a Fibonacci phi .618 of 1 up, a run that lasted from May 2005 through May 2006.
“And
as for me, I know that my Redeemer lives,
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