An HUI Big Picture Chart And An Updated NEM Big Picture Chart
Two weeks ago I did very long term/big picture NEM and XAU charts. Today I updated NEM's, which replaced the one from two weeks ago, I added an HUI very long term chart, and, the XAU chart from two weeks ago remains. See the first three charts at http://www.joefrocks.com/GoldStockCharts.html.
Note that HUI, if it's Secular Bull Market/very long term upcycle trendline doesn't turn up, could fall all the way to 200ish in this Wave 2 Cyclical Bear Market since 5-11-06. I drew the trendline assuming that it's Secular Bull Market/very long term upcycle trendline would turn up. Either way, since HUI closed at 291.95 on 10-6-06, HUI probably has a long decline ahead of it for both the Wave A cycle low and the ultimate Wave C cycle low for the Wave 2 Cyclical Bear Market since 5-11-06.
Some great news is that reliable lead indicator NEM has probably begun a Wave 3 Cyclical Bull Market at 39.84 on 10-4-06 for the Secular Bull Market/very long term upcycle since October 2000 (the XAU's also began in October 2000, HUI's began in November 2000, and gold's began in April 2001 after a 21 year Secular Bear Market for the metal), or, if a lower cycle low occurs, it should only be modestly below 39.84 due to the proximity to the Secular Bull Market/very long term upcycle trendline.
The XAU's Secular Bull Market/very long term upcycle trendline is currently at 85-90ish (see third chart at http://www.joefrocks.com/GoldStockCharts.html), so, please keep that in mind. Therefore, the XAU is still 30-35 points above it's primary Secular Bull Market/very long term upcycle (since October 2000) trendline, which is about 25-30%! ....... http://www.JoeFRocks.com/
HUI NEM XAU
Note that HUI, if it's Secular Bull Market/very long term upcycle trendline doesn't turn up, could fall all the way to 200ish in this Wave 2 Cyclical Bear Market since 5-11-06. I drew the trendline assuming that it's Secular Bull Market/very long term upcycle trendline would turn up. Either way, since HUI closed at 291.95 on 10-6-06, HUI probably has a long decline ahead of it for both the Wave A cycle low and the ultimate Wave C cycle low for the Wave 2 Cyclical Bear Market since 5-11-06.
Some great news is that reliable lead indicator NEM has probably begun a Wave 3 Cyclical Bull Market at 39.84 on 10-4-06 for the Secular Bull Market/very long term upcycle since October 2000 (the XAU's also began in October 2000, HUI's began in November 2000, and gold's began in April 2001 after a 21 year Secular Bear Market for the metal), or, if a lower cycle low occurs, it should only be modestly below 39.84 due to the proximity to the Secular Bull Market/very long term upcycle trendline.
The XAU's Secular Bull Market/very long term upcycle trendline is currently at 85-90ish (see third chart at http://www.joefrocks.com/GoldStockCharts.html), so, please keep that in mind. Therefore, the XAU is still 30-35 points above it's primary Secular Bull Market/very long term upcycle (since October 2000) trendline, which is about 25-30%! ....... http://www.JoeFRocks.com/
HUI NEM XAU
posted by Joe Ferrazzano at
1:06 PM
