It looks Like NEM Will Fill It's Downside Gap At 41.83
It looks like NEM will fill it's downside gap at 41.83 from last Friday, and, the XAU may fill it's downside gap at 125.39 from last Friday also, because the NEM Lead Indicator is a bearish -0.85% versus the XAU right now.
HUI/NEM/XAU are all in a Wave 4 short term downcycle for the monthly upcycle since 10-4-06, that should bottom today or tomorrow at 41.50-42 for NEM, at 125-126ish for the XAU and at 295-297ish for HUI. HUI did a Wave A down to 297.59 yesterday after the Wave 3 short term upcycle peaked on Monday. Watch the downside gaps from last Friday at 41.83 for NEM and at 125.39 for the XAU. The good buying opportunity/Wave 4 short term cycle low is likely to occur today or tomorrow.
The XAU and HUI have been in a Wave 2 Cyclical Bear Market since 5-11-06 (but began the bullish 3-6 month Wave B up on 10-4-06) and reliable lead indicator NEM was (until 10-4-06) in a Wave 2 Cyclical Bear Market since 1-31-06 (probably ended at 39.84 on Wednesday 10-4). NEM's Secular Bull Market/very long term upcycle trendline is currently at 40ish (see second chart at http://www.joefrocks.com/GoldStockCharts.html). 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
HUI/NEM/XAU are all in a Wave 4 short term downcycle for the monthly upcycle since 10-4-06, that should bottom today or tomorrow at 41.50-42 for NEM, at 125-126ish for the XAU and at 295-297ish for HUI. HUI did a Wave A down to 297.59 yesterday after the Wave 3 short term upcycle peaked on Monday. Watch the downside gaps from last Friday at 41.83 for NEM and at 125.39 for the XAU. The good buying opportunity/Wave 4 short term cycle low is likely to occur today or tomorrow.
The XAU and HUI have been in a Wave 2 Cyclical Bear Market since 5-11-06 (but began the bullish 3-6 month Wave B up on 10-4-06) and reliable lead indicator NEM was (until 10-4-06) in a Wave 2 Cyclical Bear Market since 1-31-06 (probably ended at 39.84 on Wednesday 10-4). NEM's Secular Bull Market/very long term upcycle trendline is currently at 40ish (see second chart at http://www.joefrocks.com/GoldStockCharts.html). 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
12:15 PM
