NEM Plunges And Takes Out Monday's Cycle Low!

Reliable lead indicator NEM plunged from a cycle high at 44.15 early today to a cycle low so far at 41.75 (a -5.44% decline) so fast it was scary and surreal. It went through Monday's cycle low at 42.20 like a buzz saw through butter. NEM's Wave 2 Cyclical Bear Market since 1-31-06 is probably bottoming, and, may bottom today, since it's Secular Bull Market/very long term upcycle trendline is currently at 41ish, see first chart at http://www.joefrocks.com/GoldStockCharts.html.

The XAU's Secular Bull Market/very long term upcycle trendline is currently at 85ish (see second chart at http://www.joefrocks.com/GoldStockCharts.html), so, please keep that in mind.

A vicious multi week decline, similar to the one that occurred from 5-11-06 until 6-13-06 for HUI/NEM/XAU, began on 9-6 for HUI/XAU and on 9-5 for reliable lead indicator NEM. Wave A of this major downcycle since 9-6 is still in effect (may last a few more sessions). Wave B up of the major downcycle since 9-6 might last over a week, Wave B in the prior major downcycle from 5-11-06 until 6-13-06 did, then it's time for the final Wave C down and another brutal decline for HUI/XAU, in which Wave A of their Cyclical Bear Market since 5-11-06 bottoms, probably in the 100-110 range for the XAU. 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