The NEM Lead Indicator = -2.14% Vs The XAU Today
The NEM Lead Indicator was very bearish today which suggests that the XAU could fill it's downside gap at 130.03 from today's open on Monday or Tuesday. A huge spike move occurred from early yesterday until early today for HUI/NEM/XAU, in which they rose 5-6%+. That spike move should significantly correct on Monday. HUI, NEM, and the XAU are in a Wave 3 short term upcycle since Tuesday for HUI and since yesterday for NEM/XAU (put in double bottoms with Tuesday's cycle lows). .......... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
1:15 PM
1 Comments:
Dave, thanks, cycles are primary anyway and the monthly upcycle is/was (or was, it may have peaked early today 3-27) in Wave 3. NEM's extreme underperformance on Friday was a very important indication, it just may not have been that bearish (-2.14% vs the XAU) without the bad news, it probably still would have been very bearish.
By
Joe Ferrazzano, at 10:11 AM
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