..............HUI, NEM, XAU Monthly Cycle Highs Occurred Today
It's very likely that monthly cycle highs occurred today for HUI, NEM, and the XAU. A monthly cycle parabolic trendline sell signal occurred on Wednesday and a straight trendline sell signal occurred today. This will be shown in the 5 day HUI chart in Sunday's weekly update. The very sharp decline from today's session highs (268.98 for HUI) to the session lows (260.73 for HUI) triggered the 2% monthly cycle straight trendline sell signal.
NEM underperformed the XAU by -0.23% today which portends more weakness on Monday. There's no need for monthly or short term cycle traders to panic since there should be a sharp rebound early next week, which will be the monthly downcycle beginning relatively flat, and, keep in mind that many stocks peak after HUI, NEM, and the XAU.
At http://www.joefrocks.com/TradetheCycles.html scroll down a few pages past the major averages stuff to see my weekly update last week. See http://www.joefrocks.com/GoldStockCharts.html for all the charts. My home page is http://www.JoeFRocks.com/ Check out the 5 day HUI chart that shows it's third/Elliot Wave 5 short term upcycle began just before the close on 11-30. Ciao
NEM underperformed the XAU by -0.23% today which portends more weakness on Monday. There's no need for monthly or short term cycle traders to panic since there should be a sharp rebound early next week, which will be the monthly downcycle beginning relatively flat, and, keep in mind that many stocks peak after HUI, NEM, and the XAU.
At http://www.joefrocks.com/TradetheCycles.html scroll down a few pages past the major averages stuff to see my weekly update last week. See http://www.joefrocks.com/GoldStockCharts.html for all the charts. My home page is http://www.JoeFRocks.com/ Check out the 5 day HUI chart that shows it's third/Elliot Wave 5 short term upcycle began just before the close on 11-30. Ciao
posted by Joe Ferrazzano at
1:15 PM
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