The Elliot Wave 5 Short Term Upcycle Since November 30 Is Rolling Over
After the huge spike move from early Tuesday until early yesterday, HUI, NEM, and the XAU's Elliot Wave 5 short term upcycle since November 30 really had to roll over (see link below). HUI and the XAU are likely to make a higher high or two in the next few days but short term and potentially monthly cycle highs may have occurred today or will probably occur in the next day or two.
http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=b&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=
NEM underperformed the XAU by -0.41% today but outperformed late in the session, so early strength is likely tomorrow. Ciao
http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=b&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=
NEM underperformed the XAU by -0.41% today but outperformed late in the session, so early strength is likely tomorrow. Ciao
posted by Joe Ferrazzano at
1:08 PM
1 Comments:
Alice,
The previous monthly downcycle for HUI and the XAU lasted from 9-30 until 10-20 and from 9-30 until 11-4 for NEM which was affected by the Placer Dome bid by Barrick, because NEM was seen as a likely bidder. NEM probably would have bottomed on 10-20 also if it wasn't for the Placer Dome bid by Barrick. Ciao.
By
Joe Ferrazzano, at 11:11 PM
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