Reliable Lead Indicator NEM Began a Wave 2 Cyclical Bear Market on 1-31-06
Keep in mind that Reliable Lead Indicator NEM began an 18 monthish Wave 2 Cyclical Bear Market on 1-31-06 and HUI/XAU did so on 5-11-06, for the Secular Bull Market/very long term upcycle that began in late 2000. NEM has a six month downtrend line while HUI/XAU's Wave 2 Cyclical Bear Market downtrend line (first relatively flat segment) will be established when the minor intermediate term upcycle (comprised of two monthly cycles, the first monthly upcycle peaked 7-12) that began on 6-13 peaks. ....... http://www.JoeFRocks.com/
The NEM Lead Indicator = -0.72% Vs The XAU Today
The expected sharp decline is likely tomorrow. Today appeared to be rolling over action, with the upcycle that began late on Thursday flattening out, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. Also, there's an Elliot Wave 12345 pattern since late Thursday, and, it looks like it'll turn down early tomorrow.The Monthly Upcycle began early on Monday 7-24 and a 2% buy signal occurred on Tuesday 7-25. An entry point for monthly cycle traders should occur in the next few sessions when Wave 2 bottoms. ....... http://www.JoeFRocks.com/
The XAU Filled It's Upside Gap At 141.62
Weak SPX (S & P 500) Equals Weak HUI/NEM/XAU
It doesn't take much SPX weakness to result in significant % changes in HUI/NEM/XAU due to the large scale index fund trading going on and the relatively small size of the gold/silver stock market, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=l&q=l&p=&a=m26-12-9,m26-12-9,p12,m26-12-9,p12,fs,m26-12-9,p12,fs,w14&c=%5EGSPC. The Wave 2 Short Term Downcycle since early Thursday is probably doing an Elliot Wave ABC down up down pattern with Thursday being Wave A down and Friday being Wave B up, so, today should be Wave C (a sharp decline is likely). A significant decline has already occurred. The XAU has a downside gap from Friday's open at 137.26 that may get filled today. It's a large enough gap that it could be a breakaway gap however. ....... http://www.JoeFRocks.com/
.........The Latest COT Data Is Bullish/Mixed
The Gold Speculators traded net short, which is bullish, as is the unusually large degree (> 10% decrease in their short position) of short covering. However, the Gold Commercial Traders COT data is slightly bearish/basically neutral with very modest long liquidation and a tiny increase in their short position. The good news is they stopped aggressively short selling in the 5 session period ending 7-25. See COT data at http://www.cftc.gov/dea/options/deacmxsof.htm.The Monthly Upcycle began early on Monday 7-24 and a 2% buy signal occurred on Tuesday 7-25. An entry point for monthly cycle traders should occur in the next few sessions (possibly on Monday if a very sharp decline occurs) when Wave 2 bottoms. The cycles of individual gold/silver stocks will tend to differ somewhat from those of HUI/XAU. Keep in mind that Reliable Lead Indicator NEM began a Wave 2 Cyclical Bear Market on 1-31-06 and HUI/XAU did so on 5-11-06. NEM has a six month downtrend line while HUI/XAU's Wave 2 Cyclical Bear Market downtrend line (first relatively flat segment) will be established when the minor intermediate term upcycle (comprised of two monthly cycles, the first monthly upcycle peaked 7-12) that began on 6-13 peaks. ....... http://www.JoeFRocks.com/
The NEM Lead Indicator = -1.22% Vs The XAU Today
The NEM Lead Indicator was a very bearish -1.22% vs the XAU today. The Wave 2 Short Term Downcycle since early yesterday is probably doing an Elliot Wave ABC down up down pattern with yesterday being Wave A down and today being Wave B up, which means at some point on Monday Wave C and a sharp decline is likely. See http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. The Monthly Upcycle began early on Monday 7-24 and a 2% buy signal occurred on Tuesday 7-25. An entry point for monthly cycle traders should occur in the next few sessions when Wave 2 bottoms. ....... http://www.JoeFRocks.com/
Firm SPX (S & P 500) Early On Led To A Firm HUI/NEM/XAU
Early on due to index fund buying. The Fed spiked the punch yesterday as they always do on Thursday with $16.25 Billion in Repos and they added a large $10 Billion 4 day Repo today, see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE. The monthly upcycle's (since 7-24) Wave 2 down is probably doing an Elliot Wave ABC down up down pattern with yesterday being Wave A down and early on today being Wave B up. Notice how closely HUI tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EHUI&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. Tuesday 6-13 was the bottom for (probably) Wave A down of the Wave 2 Cyclical Bear Market's Wave A down, that is also probably the start of an 18-24 month Cyclical Bear Market, so it wasn't really a correction because it's probably the start of an 18-24 month downtrend/Wave 2 Cyclical Bear Market for HUI/XAU. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
The NEM Lead Indicator = -1.78% Vs The XAU Today
The NEM Lead Indicator was a very bearish -1.78% vs the XAU today. The Wave 1 Short Term Upcycle peaked just after the open today. There was an Elliot Wave 12345 upcycle pattern for Wave 1, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. The Monthly Upcycle began early on Monday and a 2% buy signal occurred on Tuesday. An entry point for monthly cycle traders should occur in the next few sessions when Wave 2 bottoms. ....... http://www.JoeFRocks.com/
The Wave 1 Short Term Upcycle Appears To Have Peaked
Just after the open today. There's an Elliot Wave 12345 pattern, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. Also, the very bearish NEM Lead Indicator at -1.26% vs the XAU right now jives with a short term cycle high occurring just after the open today. The Monthly Upcycle's (began early on Monday, 2% buy signal occurred Tuesday) Wave 1 short term upcycle has probably peaked for HUI/NEM/XAU, so, an entry point for monthly cycle traders should occur in the next few sessions when Wave 2 bottoms. ....... http://www.JoeFRocks.com/
Strong Sell Interest In Reliable Lead Indicator NEM
Towards session's end today, see http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?ticker=nem. The Monthly Upcycle's (began early on Monday, 2% buy signal occurred yesterday) Wave 1 short term upcycle is probably peaking (or has peaked) for HUI/NEM/XAU, so, an entry point for monthly cycle traders should occur in the next few days when Wave 2 bottoms, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. ....... http://www.JoeFRocks.com/
..............Monthly Upcycle Wave 1 Topping
The Monthly Upcycle's (began early on Monday, 2% buy signal occurred yesterday) Wave 1 short term upcycle is probably peaking (or has peaked) for HUI/NEM/XAU, so, an entry point for monthly cycle traders should occur in the next day or two when Wave 2 bottoms, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. ....... http://www.JoeFRocks.com/
.....................NEM/XAU Gap Filling Action
The XAU filled it's upside gap at 139.37 created at today's open and NEM is trying to fill it's upside gap at 52.28 created at today's open, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. ....... http://www.JoeFRocks.com/
Weak S & P 500 (SPX) Early Today Equals Weak HUI/NEM/XAU
Just as a strong SPX meant strength yesterday. If you look at the past two days (http://finance.yahoo.com/q/ta?s=%5EGSPC&t=5d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=) SPX did a 12345 Elliot Wave upcycle, so today's weakness is no surprise. SPX drives index fund trading, which is a huge factor that most are unaware of. Notice how closely HUI tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EHUI&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. Tuesday 6-13 was the bottom for (probably) Wave A down of the Wave 2 Cyclical Bear Market's Wave A down, that is also probably the start of an 18-24 month Cyclical Bear Market, so it wasn't really a correction because it's probably the start of an 18-24 month downtrend/Wave 2 Cyclical Bear Market for HUI/XAU. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
...........Entry Point For Monthly Cycle Traders
Should occur in the next day or two, probably on Thursday is an educated guess. The monthly upcycle's Wave 1 up began early yesterday and was probably peaking near session's end today, so, Wave 2 down may bottom tomorrow or more likely Thursday or Friday. The NEM Lead Indicator was a very bearish -1.03% vs the XAU yesterday and was -0.26% vs the XAU today, so, waiting for a pullback probably makes sense. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
HUI Hit a 2% Follow Through Monthly Cycle Buy Signal
HUI hit a 2% follow through monthly cycle buy signal today, which requires at least 2 hours of follow through after breaking the monthly downcycle trendline, spikes followed by downtrends can't trigger buy signals. So, monthly cycle lows probably occurred early yesterday for HUI/NEM/XAU.The NEM Lead Indicator was a very bearish -1.03% vs the XAU yesterday, so, waiting for a pullback probably makes sense. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
The NEM Lead Indicator = -1.03% Vs The XAU Today
The NEM Lead Indicator was a very bearish -1.03% vs the XAU today, so, tomorrow there may be a test of today's potential monthly cycle lows for HUI/NEM/XAU. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
Monthly Cycle Low May Have Occurred Early Today
Thanks to a firm S & P 500 (SPX) (which led to index fund buying) HUI/NEM/XAU rebounded after early weakness, notice how closely HUI tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EHUI&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. A monthly cycle low may have occurred early today, but the bearish NEM Lead Indicator at -0.50% vs the XAU right now doesn't provide a lot of confidence. If a 2% follow through buy signal (after breaking the monthly downcycle (since 7-12) trendline) occurs in the next few days that will reliably indicate that a monthly cycle low occurred today. Also, if a successful retest of today's HUI/NEM/XAU cycle lows occurs that usually indicates that the lows are in.Tuesday 6-13 was the bottom for (probably) Wave A down of the Wave 2 Cyclical Bear Market's Wave A down, that is also probably the start of an 18-24 month Cyclical Bear Market, so it wasn't really a correction because it's probably the start of an 18-24 month downtrend/Wave 2 Cyclical Bear Market for HUI/XAU. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
...............The COT Data Is Bearish/Mixed
The COT data (see http://www.cftc.gov/dea/options/deacmxsof.htm) brings some modest good news with the gold Commercial traders only engaging in very modest long liquidation but still shorting fairly aggressively, therefore trading net short which is bearish, while the most positive news short term is the unusually large degree of short covering by the gold Speculators, who traded net long which is bearish from a big picture standpoint. Another day or two of downside appears likely before a monthly cycle low occurs.
The Monthly Downcycle's (since 7-12) Wave C is probably in effect and might bottom early this week, so, a monthly upcycle that will probably fill the XAU's upside gap at 159.41 from 5-15 should soon begin. Wave B was a very brief one sessionish upcycle from Tuesday until Wednesday, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=l&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. ....... http://www.JoeFRocks.com/
The Monthly Downcycle's Wave C Is Probably In Effect
The Monthly Downcycle's (since 7-12) Wave C is probably in effect and might bottom today, so, a monthly upcycle that will probably fill the XAU's upside gap at 159.41 from 5-15 should soon begin. Wave B was a very brief one sessionish upcycle from Tuesday until Wednesday, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=l&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. ....... http://www.JoeFRocks.com/
The NEM Lead Indicator = +1.00% Vs The XAU Today
So, there may be a sharp rise in HUI/XAU at some point tomorrow. The short term upcycle that began late on Tuesday is probably Wave B up of the monthly downcycle that began on 7-12 and today (maybe early tomorrow also) was probably a very scary retest of Tuesday's HUI/NEM/XAU short term cycle lows. The Fed's punch spiking the past week+ portends strength in many indexes because it fuels index fund trading, see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE. Also, today's very high HUI/NEM/XAU volatility is a very sharp volatility spike that portends substantial strength, assuming that a short term upcycle is in effect. Cycles are the primary market timing consideration.
Right now it looks like Wave B up (of a likely ABC pattern) of the Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down probably didn't peak on 7-12 and that the XAU's upside gap at 159.41 from 5-15 probably will get filled. This jives with the Cyclical Bear Market's downtrend line beginning relatively flat, so it makes sense based on the nature of cycles. Wave B will probably be comprised of two monthly cycles rather than just the one monthly upcycle that peaked Wednesday 7-12. ....... http://www.JoeFRocks.com/
The NEM Lead Indicator = -1.19% Vs The XAU Today
So, there may be a sharp decline in HUI/XAU at some point tomorrow. The short term upcycle that began late yesterday is probably Wave B up of the monthly downcycle that began on 7-12. The Fed's punch spiking the past week was a major factor behind substantial strength in many indexes today because it fueled index fund trading, see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE. Right now it looks like Wave B up (of a likely ABC pattern) of the Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down probably didn't peak on 7-12 and that the XAU's upside gap at 159.41 from 5-15 probably will get filled. This jives with the Cyclical Bear Market's downtrend line beginning relatively flat, so it makes sense based on the nature of cycles. Wave B will probably be comprised of two monthly cycles rather than just the one monthly upcycle that peaked Wednesday 7-12. ....... http://www.JoeFRocks.com/
The Monthly Downcycle's Wave A Down May Have Bottomed Today
The monthly downcycle's (began Wednesday 7-12) Wave A down may have bottomed today, see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui, so,
a rebound is likely the next few days corresponding to the monthly downcycle's Wave B up. The NEM Lead Indicator was +0.51% vs the XAU today and the Fed has been spiking the index fund trader punch since last Thursday, see http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE. Right now it looks like Wave B up (of a likely ABC pattern) of the Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down probably didn't peak on 7-12 and that the XAU's upside gap at 159.41 from 5-15 probably will get filled. Wave B will probably be comprised of two monthly cycles rather than just the one monthly upcycle that peaked last Wednesday 7-12. ....... http://www.JoeFRocks.com/
.......A Minor Alternate Scenario For HUI/XAU
The Wave 2 Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down probably didn't bottom on 6-13, the question is did Wave A's Wave B up (of a likely ABC pattern) peak on 7-12 or will there be another monthly upcycle in which the XAU fills it's upside gap at 159.41 from 5-15? If that upside gap had been filled I'd be confident that 6-13's cycle lows would be taken out in this correction. Wave B up of the Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down may turn out to be a minor intermediate term upcycle comprised of two monthly upcycles and the downcycle of the first monthly cycle rather than just the monthly upcycle that peaked last Wednesday 7-12 for HUI/XAU.HUI/XAU Monthly Upcycle peaked 7-12, which means that the next few weeks may be Wave C down of the Wave 2 Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down or Wave B may fill the XAU's upside gap at 159.41 before turning down, so, either way I expect lower cycle lows in the relatively near future than those that occurred on 6-13. Timewise if HUI and the XAU are in an 18 monthish Cyclical Bear Market it makes sense that Wave A hasn't bottomed yet. The USD recently put in a major cycle low above the prior one, which means it's in a Cyclical Bull Market, that points to a Cyclical Bear Market for HUI/XAU as does the very bearish NEM Lead Indicator, with NEM hitting a likely Cyclical Bull Market cycle high on 1-31-06 versus 5-11-06 for HUI/XAU, and, the most recent long term upcycle was the third/Wave 5 long term upcycle of the Cyclical Bull Market since late 2000, so, it's likely that HUI/XAU began a Wave 2 Cyclical Bear Market on 5-11-06. Timewise a Wave 2 Cyclical Bear Market is due because very long term secular Bull (or Bear) Markets last 15-20 years (the previous Bear Market for gold lasted 21 years), so, the Wave 1 Cyclical Bull Market since late 2000 was due to peak because it lasted about five and a half years for HUI/XAU and over five years for NEM. There should be two more Cyclical Bull Markets corresponding to Waves 3 and 5 and there should be two 18 monthish Cyclical Bear Markets corresponding to Waves 2 and 4 with Wave 2 probably in effect now.Index fund trading is a huge factor that most are unaware of. Notice how closely HUI tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EHUI&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. Tuesday 6-13 was the bottom for (probably) Wave A down of the Wave 2 Cyclical Bear Market's Wave A down, that is also probably the start of an 18-24 month Cyclical Bear Market, so it wasn't really a correction because it's probably the start of an 18-24 month downtrend/Wave 2 Cyclical Bear Market for HUI/XAU. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
HUI/XAU Monthly Upcycle Appears To Have Peaked Yesterday
Which means that the next few weeks should be Wave C down of the Wave 2 Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down, so, I expect lower cycle lows in the near future than those that occurred on 6-13. Timewise if HUI and the XAU are in an 18 monthish Cyclical Bear Market it makes sense that Wave A hasn't bottomed yet. The USD recently put in a major cycle low above the prior one, which means it's in a Cyclical Bull Market, that points to a Cyclical Bear Market for HUI/XAU as does the very bearish NEM Lead Indicator, with NEM hitting a likely Cyclical Bull Market cycle high on 1-31-06 versus 5-11-06 for HUI/XAU, and, the most recent long term upcycle was the third/Wave 5 long term upcycle of the Cyclical Bull Market since late 2000, so, it's likely that HUI/XAU began a Wave 2 Cyclical Bear Market on 5-11-06. Timewise a Wave 2 Cyclical Bear Market is due because very long term secular Bull (or Bear) Markets last 15-20 years (the previous Bear Market for gold lasted 21 years), so, the Wave 1 Cyclical Bull Market since late 2000 was due to peak because it lasted about five and a half years for HUI/XAU and over five years for NEM. There should be two more Cyclical Bull Markets corresponding to Waves 3 and 5 and there should be two 18 monthish Cyclical Bear Markets corresponding to Waves 2 and 4 with Wave 2 probably in effect now.The reason why most Elliot Wavers usually fail is because they don't understand cycle trendlines, therefore don't know when to begin the count, so they obviously can't consistently arrive at the correct count.Today's early SPX weakness was a major factor behind HUI, NEM, and the XAU's early weakness. Index fund trading is a huge factor that most are unaware of. Notice how closely HUI tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EHUI&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. The monthly upcycle that began on 6-13 and probably ended yesterday was probably Wave B up of the Wave 2 Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down. NEM filled an upside gap at 56.31 from 5-15 yesterday. Tuesday 6-13 was the bottom for (probably) Wave A down of the Wave 2 Cyclical Bear Market's Wave A down, that is also probably the start of an 18-24 month Cyclical Bear Market, so it wasn't really a correction because it's probably the start of an 18-24 month downtrend/Wave 2 Cyclical Bear Market for HUI/XAU. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
Probably Wave B Up Of The Cyclical Bear Market's Wave A Down
The monthly upcycle since 6-13 is probably Wave B up of the Wave 2 Cyclical Bear Market's (HUI/XAU since 5-11-06) Wave A down, so, I expect lower cycle lows in the near future than those that occurred on 6-13. It looks like NEM may fill an upside gap at 56.31 from 5-15 and the XAU may fill an upside gap at 159.41 from 5-15 before the monthly upcycle peaks. Sometimes Wave 5 can have two short term cycles with the monthly cycle high occurring as the monthly cycle rolls over (the peaks flatten out).Today's SPX strength after early weakness was a major factor behind HUI, NEM, and the XAU's strength. Index fund trading is a huge factor that most are unaware of. Notice how closely HUI tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EHUI&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. Tuesday 6-13 was the bottom for (probably) Wave A down of the Wave 2 Cyclical Bear Market's Wave A down, that is also probably the start of an 18-24 month Cyclical Bear Market, so it wasn't really a correction because it's probably the start of an 18-24 month downtrend/Wave 2 Cyclical Bear Market for HUI/XAU. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Ehui. ....... http://www.JoeFRocks.com/
