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Gold Silver and Mining Stocks Approaching a Major Bottom

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Gold Silver and Mining Stocks Approaching a Major Bottom

Post by Dirtbikepilot on Mon May 07, 2012 12:02 am

There is a pattern finishing in Gold, Silver and the HUI Amex Gold
Bugs Index that is bullish, a sideways wave 4 descending triangle that
suggests a bottom is fast approaching and a rally that lasts many
months is likely to start within a month or two. Triangles are
sideways consolidation patterns that let markets digest the previous
large move, before continuing in the same direction the trend was
headed before the triangle begins. In this case, that trend would be
up. This is a pretty large triangle pattern, correcting a three year
rally. We could see more decline in prices for another few weeks, then
a bottom should arrive.

The next rally will be powerful and last a long time, probably more
than a year. That is because it will be a wave 5 move. In the precious
metals and mining stocks markets, wave 5's tend to be the largest and
longest, most dramatic moves, not wave 3's as is typical in stock
markets. The coming rally will be the start of a wave five of large
degree.

Playing this rally should be a profitable venture. There are several
ways to play it, such as owning the metals physical, owning the
individual mining stocks, or playing ETFs such as GLD, SLV or GDX, or
playing leveraged ETFs, or even playing call options long.

The signal for when this rally starts will be when
several factors line up. First would be when we get new buy signals in
our HUI Purchasing Power Indicator, and our 30 Day Stochastic
indicator,
when at the same time we see the Weekly Full
Stochastics oversold, and also when we see the sideways descending
triangles' last leg down, wave e down, reach or fall below the bottom
boundary support shelf. We present daily updates of the HUI Purchasing
Power Indicator and 30 day Stochastic, which are proprietary
indicators of ours, to our subscribers at www.technicalindicatorindex.com if you have interest in being plugged into this signal information.

We believe this rally signal will occur sometime over the next
several weeks. The final wave e-down is approaching completion. This
triangle has been almost a nine month pattern, so Gold bugs will be
singing a Halleluiah once this annoying pattern finishes. The upside
potential for this coming rally is enormous. The HUI could approach
800 to 1,000, while Gold could approach 3,000 and Silver could
approach 60 to 70. It will take time for those levels to be achieved,
but the important point is precious metals and mining stocks remain in
a Bull market, and the juicy part of this Bull market lies ahead.

Read more at: http://www.marketoracle.co.uk/Article34522.html
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Re: Gold Silver and Mining Stocks Approaching a Major Bottom

Post by Dirtbikepilot on Tue May 08, 2012 3:27 pm

Well I hope they find them soon
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