NEM Lead Indicator = Bullish +0.69% Versus The XAU Today
Which gives a green light to daredevil traders like myself willing to risk trading the Wave 5 short term upcycle that began late yesterday, since HUI, NEM, and the XAU all hit 1% follow through short term cycle buy signals today.
Keep in mind that NEM's 6 month+ Wave 2 Cyclical Bear Market downtrend line since 1-31-06 should limit it's upside in this monthly upcycle to 55.50ish. The XAU's downside gap at 144.96 created at today's open, see 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= and NEM's downside gap at 51.92 created at today's open are short term breakaway gaps, since the monthly upcycle's (since 7-24) Wave 5 short term upcycle began late yesterday. ....... http://www.JoeFRocks.com/
Keep in mind that NEM's 6 month+ Wave 2 Cyclical Bear Market downtrend line since 1-31-06 should limit it's upside in this monthly upcycle to 55.50ish. The XAU's downside gap at 144.96 created at today's open, see 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= and NEM's downside gap at 51.92 created at today's open are short term breakaway gaps, since the monthly upcycle's (since 7-24) Wave 5 short term upcycle began late yesterday. ....... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
1:12 PM
