I don’t agree that those are the only two likely scenarios for the HUI…it doesn’t have to punch through resistance today OR make a 38% pullback. In fact, I think it’s more likely that we only pullback slightly over the next day or so before punching through resistance which is more typical of confirmatory moves out of bullish expanding wedges….similar to what I pointed out in bonds last week and posted here. I will probably be adding a tiny bit more on the PM front today if we look like we’re closing down near the day lows.
Thanks for the post. Rambus’s insights to HUI and PMs are always eye opening!
I don’t agree that those are the only two likely scenarios for the HUI…it doesn’t have to punch through resistance today OR make a 38% pullback. In fact, I think it’s more likely that we only pullback slightly over the next day or so before punching through resistance which is more typical of confirmatory moves out of bullish expanding wedges….similar to what I pointed out in bonds last week and posted here. I will probably be adding a tiny bit more on the PM front today if we look like we’re closing down near the day lows.