HUI Annotated Three Month Chart With The Elliot Wave Count
I did an annotated HUI three month chart with the Elliot Wave count for the recent vicious downcycle and for the monthly upcycle since 10-4-06, see the first chart at http://www.joefrocks.com/GoldStockCharts.html. I also updated the text for my "Gold/Silver Stocks Charts" web page, so, you might want to read that since I discuss very important HUI/NEM/XAU big picture info and "Trade the Cycles" info.
HUI/NEM/XAU might put in a monthly cycle high (monthly upcycle since 10-4-06) next week as the monthly upcycle rolls over/flattens out dramatically, or, the monthly upcycle may have already peaked this week since Wave 5 short term cycle highs occurred for HUI/NEM/XAU.
When the 2-4 sessionish Wave A down of the monthly downcycle occurs it'll probably be obvious that the monthly upcycle has peaked, since a very sharp 5-8%+ decline will probably occur.
It probably makes a lot of sense to wait for a monthly cycle low to occur in the next week or two before looking to trade gold/silver stocks long. There should be an Elliot Wave ABC down up down pattern to the monthly downcycle, with each Wave (Elliot Waves are upcycles or downcycles) lasting about 2-4 sessions.
The monthly cycle since 10-4-06 is probably the start of the 3-6 monthish Wave B up of HUI/XAU's Wave 2 Cyclical Bear Market since 5-11-06. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 4 at http://www.joefrocks.com/GoldStockCharts.html ........ http://www.JoeFRocks.com/
HUI NEM XAU
HUI/NEM/XAU might put in a monthly cycle high (monthly upcycle since 10-4-06) next week as the monthly upcycle rolls over/flattens out dramatically, or, the monthly upcycle may have already peaked this week since Wave 5 short term cycle highs occurred for HUI/NEM/XAU.
When the 2-4 sessionish Wave A down of the monthly downcycle occurs it'll probably be obvious that the monthly upcycle has peaked, since a very sharp 5-8%+ decline will probably occur.
It probably makes a lot of sense to wait for a monthly cycle low to occur in the next week or two before looking to trade gold/silver stocks long. There should be an Elliot Wave ABC down up down pattern to the monthly downcycle, with each Wave (Elliot Waves are upcycles or downcycles) lasting about 2-4 sessions.
The monthly cycle since 10-4-06 is probably the start of the 3-6 monthish Wave B up of HUI/XAU's Wave 2 Cyclical Bear Market since 5-11-06. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 4 at http://www.joefrocks.com/GoldStockCharts.html ........ http://www.JoeFRocks.com/
HUI NEM XAU
posted by Joe Ferrazzano at
11:33 AM
