Gold and Currency Update
posted Mar 24, 2004 at 06:07PM
Correction: That circle on the bottom stochastic should be green.
Gold stocks lagging bullion is what keeps the fantasy scenario clinging by its fingernails.
Some EWA counts would have gold completing a B wave of a 4th wave correction...with a five wave C leg down......but EWA counts are always easier to put in arrears.
Resolution of triangle on the HUI and individual stock charts are the key things to watch. I remain cautiously bearish on gold stocks.
A few of the "speccy" commodity explorers have been blowing up even after lengthy declines....makes me more cautious and more discriminating in stock selection...you want to know the gold is there and not be dependant on "good news"