.......................A One Session Wave B Upcycle?
That's what it looks like:
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= The XAU peaked very early today and looks like it will fill it's downside gap created at today's open early tomorrow, along with NEM, which underperformed the XAU by a slight -0.11% today on top of yesterday's wide margin of -0.83%, so tomorrow could be a very sharp decline if the major upcycle (since 5-16-05) Wave 4's Wave C has begun.
The next week or two will probably be very nasty if Wave C has begun and the XAU falls into or near my Wave 4 cycle low target range of 112-117, which implies downside from here of about -20% or more, which will catch a lot of people off guard. The Yahoo gold/silver stock message boards are full of Bulls with a modest degree of caution from a small % of people. A lot of lambs will probably be slaughtered in the next week or two, luckily Wave 5 will bail them out in most cases if they hang on to their positions. Many will be stopped out automatically of course.
Institutions were selling NEM big time today, over 8 million shares traded: http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=nem
Buckle up! http://www.JoeFRocks.com/
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= The XAU peaked very early today and looks like it will fill it's downside gap created at today's open early tomorrow, along with NEM, which underperformed the XAU by a slight -0.11% today on top of yesterday's wide margin of -0.83%, so tomorrow could be a very sharp decline if the major upcycle (since 5-16-05) Wave 4's Wave C has begun.
The next week or two will probably be very nasty if Wave C has begun and the XAU falls into or near my Wave 4 cycle low target range of 112-117, which implies downside from here of about -20% or more, which will catch a lot of people off guard. The Yahoo gold/silver stock message boards are full of Bulls with a modest degree of caution from a small % of people. A lot of lambs will probably be slaughtered in the next week or two, luckily Wave 5 will bail them out in most cases if they hang on to their positions. Many will be stopped out automatically of course.
Institutions were selling NEM big time today, over 8 million shares traded: http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=nem
Buckle up! http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
1:07 PM
2 Comments:
Joe,
That jury may still be out. A one-session B up in the midst of cycles this long seems unusual. And market manipulation will be big today - look at past Friday swings in gold, and add in the trade numbers and financial damage control that will have to be done.
That one day move, though, did come close to where I thought the B up would go.
By
Jeff, at 6:18 AM
Jeff,
Yes, Wave 4's Wave B was a very brief 1 session, but the gains were about 5% for HUI/NEM/XAU. Wave 4 could bottom next week the way things are going. Tuesday's huge decline sped things up dramatically.
By
Joe Ferrazzano, at 7:56 AM
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