Wave A Of The Elliot Wave ABC Downcycle Bottoming

Wave A of the major downcycle that began after last Wednesday's minor intermediate term cycle highs for HUI/XAU is probably bottoming. William's %R hit -100 for HUI/NEM/XAU early today, so, an oversold bounce is probably at hand, that should last a session or two and will probably be relatively modest. Then another substantial decline corresponding to the final Wave C down (of Wave A of the Wave 2 Cyclical Bear Market (since 5-11-06 for HUI/XAU and since 1-31-06 for reliable lead indicator NEM)) should occur.

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=c&p=&a=m26-12-9,p12,fs,w14&c. ....... http://www.JoeFRocks.com/

HUI NEM XAU