The NEM Lead Indicator Was A Very Bearish -1.29% Vs The XAU Today
After being a very bearish -2.09% vs the XAU yesterday. More downside gap filling is likely early next week. NEM filled it's downside gap at 56.66 from 1-6 today. NEM tried to fill it's upside gap below 59 from Wednesday again today, and failed for the third straight day, which was a correctly bearish indication.
NEM has downside gaps to fill at 53.40 from 1-3, at 51.59 from 12-28, at 50.45 from 12-22, and at 48.75 from 12-7, and, the XAU has downside gaps at 137.64 from 1-19, at 135.39 from 1-6, at 128.03 from 1-3, at 124.36 from 12-28, and at 122.49 from 12-22. Often cycle highs or lows will occur shortly after gaps get filled, so one needs to track gaps closely. If gaps don't get filled that can be a bearish or bullish sign, as occurred recently when NEM twice closely approached (daily cycle lows at 48.88 and 48.89) but didn't fill it's downside gap at 48.75, then the recent explosive rally occurred.
NEM has downside gaps to fill at 53.40 from 1-3, at 51.59 from 12-28, at 50.45 from 12-22, and at 48.75 from 12-7, and, the XAU has downside gaps at 137.64 from 1-19, at 135.39 from 1-6, at 128.03 from 1-3, at 124.36 from 12-28, and at 122.49 from 12-22. Often cycle highs or lows will occur shortly after gaps get filled, so one needs to track gaps closely. If gaps don't get filled that can be a bearish or bullish sign, as occurred recently when NEM twice closely approached (daily cycle lows at 48.88 and 48.89) but didn't fill it's downside gap at 48.75, then the recent explosive rally occurred.
posted by Joe Ferrazzano at
1:52 PM
1 Comments:
Hi Bill. Gaps are usually created at the open. Often shortly after they get filled a cycle high or low will occur, so they complement cycles. Also, when a gap doesn't get filled that can be a bearish or bullish indication, such as last week when NEM failed to fill it's upside gap near 59 three straight sessions, which is obviously a bearish indication.
By
Joe Ferrazzano, at 3:25 PM
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