Bouncing Off The Top Of The Short Term Trading Channel

HUI hit the top of it's short term trading channel FIVE TIMES today, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c==, and it looks like tomorrow's likely to be a weak day despite the NEM Lead Indicator being +0.57% vs the XAU today. Remember it was a very bearish -1.15% vs the XAU yesterday and was slightly bearish on Monday at -0.14% versus the XAU.

After the spike at the open HUI was in a downtrend/very short term downcycle the remainder of the session. Those five HUI cycle highs today form the relatively flat very short term downcycle trendline, so, early tomorrow the very short term downcycle should go parabolic and plunge.

For recent action, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c. Watch the XAU's downside gap at 140.77 from 8-21, which will probably get filled this week. ....... http://www.JoeFRocks.com/