Welcome To The Major Upcycle's (SInce 5-16-05) Elliot Wave 4 Down
2% follow through sell signals occurred today for HUI, NEM, and the XAU, which indicates that minor intermediate term cycle highs occurred yesterday, that appear to be cycle highs for the major upcycle's Elliot Wave 3. See http://www.joefrocks.com/GoldStockCharts.html for HUI and NEM's latest 1 year charts that show the Elliot Wave Points.
SPX weakness was a major factor today because it resulted in index funds dumping gold/silver stocks. NEM and FCX are in SPX. FCX was down about -5% today and NEM was down -2.73%. A multi-week correction has probably begun that's likely to be a 15% or greater decline from the cycle highs, and probably corresponds to the major upcycle's Elliot Wave 4 down.
NEM filled it's downside gap at 57.96 from 1-13 today and the XAU filled it's downside gap at 137.59 from 1-13 today. 56.66 from 1-6 and 135.39 from 1-6 may get filled tomorrow.
NEM has downside gaps to fill at 56.66 from 1-6, 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 135.39 from 1-6, at 128.03 from 1-3, at 124.36 from 12-28, and at 122.49 from 12-22.
NEM outperformed the XAU by +0.32% today which doesn't point to a sustained/meaningful rally tomorrow. More downside gap filling is likely tomorrow then there could be a significant rally.
The Fed's lending was a miniscule +$2.250 Billion Repo today, so there was no attempted bailout. Yesterday's massive +$16.750 Billion worked briefly to boost the market, but basically was a failed bailout which pointed to today's weakness. http://www.newyorkfed.org/markets/omo/dmm/temp.cfm
There was very strong sell interest in NEM again today. It's been that way for over a week:
http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=nem
SPX weakness was a major factor today because it resulted in index funds dumping gold/silver stocks. NEM and FCX are in SPX. FCX was down about -5% today and NEM was down -2.73%. A multi-week correction has probably begun that's likely to be a 15% or greater decline from the cycle highs, and probably corresponds to the major upcycle's Elliot Wave 4 down.
NEM filled it's downside gap at 57.96 from 1-13 today and the XAU filled it's downside gap at 137.59 from 1-13 today. 56.66 from 1-6 and 135.39 from 1-6 may get filled tomorrow.
NEM has downside gaps to fill at 56.66 from 1-6, 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 135.39 from 1-6, at 128.03 from 1-3, at 124.36 from 12-28, and at 122.49 from 12-22.
NEM outperformed the XAU by +0.32% today which doesn't point to a sustained/meaningful rally tomorrow. More downside gap filling is likely tomorrow then there could be a significant rally.
The Fed's lending was a miniscule +$2.250 Billion Repo today, so there was no attempted bailout. Yesterday's massive +$16.750 Billion worked briefly to boost the market, but basically was a failed bailout which pointed to today's weakness. http://www.newyorkfed.org/markets/omo/dmm/temp.cfm
There was very strong sell interest in NEM again today. It's been that way for over a week:
http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=nem
posted by Joe Ferrazzano at
1:36 PM
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