The 636.00 correction target for June Gold touted here over the weekend came within less than a dollar of catching the exact low of Monday's $40 swing. Even so, I have my doubts that the selling is over. Notice in the chart below that the entire day's more or less steady recovery did not create an impulse leg even on the 5-minute chart. That would have required at an absolute minimum a rally above the two labeled peaks; in the event, only one of them was breached. (Note: The prognosis could change overnight, so keep an eye on peak #2 during after-hours trading if you want to stay closely in tune.) Granted, a $20 rally off the lows is nothing to sneeze at. But in the context of the larger decline that has occurred over the last two weeks, it must be adjudged a disappointing showing, at least so far. (Click on either chart to enlarge) As much could be said of the broad averages, which recouped mildly daunting losses early in the session to finish somewhat down on the day. The Dow Industrials were off a little more than a hundred points in the early going but could only fight their way back to minus 18 points by the final bell. This is mildly disconcerting, since it occurred on a Monday, a day when Joe Sixpack, widows, orphans and pensioners typically trample each other in their eagerness to buy whatever stocks Wall Street hucksters have been peddling over the weekend. The hourly chart below, of the DJIA, shows exactly what the blue chip average would have to do today to turn us bullish. Both peaks would need to be exceeded by a single, uncorrected 60-minute bar to get the Indoos back on a bullish track. Anything less than that,
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