NEM Exceeded Yesterday's Cycle High By 5 Cents
So far and given that NEM outperformed yesterday by +0.34% vs the XAU and is outperforming today by a very bullish +1.60%, there's a good chance that HUI and the XAU will take out yesterday's cycle highs, which means that the Wave B short term upcycle probably lives. The Wave 4 minor intermediate term downcycle took 7 weeks in the prior parabolic major upcycle in 2003, and it looks like this one will be about that long. The Wave 4 cycle low in 2003 occurred on March 13 and that's about when this one should bottom. Wave 4 began in late January in 2003 as this one did (on 1-31-06). http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
8:29 AM
1 Comments:
Andy, with massive punch spiking by the Fed and NEM outperforming the XAU by a very wide margin I won't be too surprised if modestly higher Wave B cycle highs occur, but the important thing is that Wave C should soon begin if it hasn't already. When large multi week cycles roll over and make a succession of higher highs it can be very difficult to call a cycle high. Nailing cycle highs is obviously much less important than understanding what's going on cyclewise. Ciao
By
Joe Ferrazzano, at 10:48 AM
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