Reliable Lead Indicator NEM's Uptrend Since 6-13-06 Broke Down
If you're hoping that my system/work is full of it and that June 13 was a major cycle low, I have to say forgetaboutit! Reliable lead indicator NEM's uptrend since 6-13-06 broke down about a week ago (see http://finance.yahoo.com/q/ta?s=nem&t=3m&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=).
The monthly downcycle began on 8-9 for HUI/NEM/XAU when HUI put in a near perfect bearish double top at 348.84 versus 348.74 a week prior (8-2).
I expect Wave A down of the Wave 2 Cyclical Bear Market (since 5-11-06 for HUI/XAU and since 1-31-06 for reliable lead indicator NEM) to bottom in the 100-110 range (XAU) in the next few weeks.
The prior eight weeks the NEM Lead Indicator was a very bearish -8.18% vs the XAU, and, so far this week it's -0.69% vs the XAU, for a total of -8.87% vs the XAU the past eight weeks and four days. For recent action 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=. ....... http://www.JoeFRocks.com/
The monthly downcycle began on 8-9 for HUI/NEM/XAU when HUI put in a near perfect bearish double top at 348.84 versus 348.74 a week prior (8-2).
I expect Wave A down of the Wave 2 Cyclical Bear Market (since 5-11-06 for HUI/XAU and since 1-31-06 for reliable lead indicator NEM) to bottom in the 100-110 range (XAU) in the next few weeks.
The prior eight weeks the NEM Lead Indicator was a very bearish -8.18% vs the XAU, and, so far this week it's -0.69% vs the XAU, for a total of -8.87% vs the XAU the past eight weeks and four days. For recent action 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=. ....... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
7:11 AM
