Recipe for a major bottom.

Symbol:
HUI.X

Opportunity:

This is an update to our Miner's Coverage List.

HUI.X shows a wider swath of the Miners sector, it shows how more miners have drifted into the "orange camp" filling out 5waves as (C) or other complex corrective patters for alt P.2 lows (or 2x bottoms). But GDX is stubbornly still stuck in the middle of the orange and blue camps as an extremely wide intermediate (2) still. The divergences and other bottoming signals are very extreme and gold is in sync with the "blue camp" for a P.1-P.2-(1)-(2) setup still trying to form a bottom off this 61.8% retrace of (1). In the complex combination pattern for wave (2) in GDX itself we are coming into the next cluster of Fibonacci confluence. All off the ingredients are there... once it sparks I think the positive feed-back loops will be intense.

HUI.X - Primary Analysis - Aug-08 0832 AM (1 day)
HUI.X - Primary Analysis - Aug-08 0832 AM (1 day)
GDX - Primary Analysis - Aug-08 0838 AM (2 hour)
GDX - Primary Analysis - Aug-08 0838 AM (2 hour)
GDX - Big Macro Clean - Aug-08 0834 AM (1 day)
GDX - Big Macro Clean - Aug-08 0834 AM (1 day)
QGC# - Alternate 1 - Aug-08 0830 AM (1 day)
QGC# - Alternate 1 - Aug-08 0830 AM (1 day)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.