NEM Appears To Have Made Another Breakaway Gap To The Downside
Last week reliable lead indicator NEM made a breakaway gap to the downside, opening at 50.10 on 9-7 versus 9-6's close at 50.91. Yesterday NEM appears to have made another breakaway gap to the downside, opening at 47.27 on 9-11 versus Friday 9-8's close at 48.19.
The size of the gap, 92 cents, which was -1.91% below the previous day's close at 48.19, is why it's likely to be a breakaway gap. There shouldn't be much relief for longs until 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) bottoms in the 100-110 range (XAU) in the next few weeks. 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/
HUI NEM XAU
The size of the gap, 92 cents, which was -1.91% below the previous day's close at 48.19, is why it's likely to be a breakaway gap. There shouldn't be much relief for longs until 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) bottoms in the 100-110 range (XAU) in the next few weeks. 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/
HUI NEM XAU
posted by Joe Ferrazzano at
8:53 AM
