The Monthly Upcycle Since 10-4-06 Appears To Have Peaked
NEM and the XAU appear to have put in a Wave 5 short term cycle high and a monthly cycle high today in rollover mode, for the monthly upcycle since 10-4-06. HUI probably put in a Wave 5 short term cycle high and a monthly cycle high early last Thursday, with today's early cycle high being a retest of last Thursday's monthly and Wave 5 short term cycle high, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c==.
The fact that HUI put in a lower cycle high today than last Thursday's probably means that it's monthly cycle high occurred last Thursday, and, that NEM/XAU's monthly cycle high occurred early today. I still want to see (for confirmation) the vicious 5%+ Wave A short term downcycle before (looking to, will wait for Wave B up) shorting/buying puts, but it's likely that HUI/NEM/XAU have entered a one to two week monthly downcycle.
As expected/discussed earlier, it looks like NEM and the XAU will fill today's downside gaps (created at the open) at 44.32 and 133.02 early tomorrow.
The NEM Lead Indicator was a slightly bearish -0.19% versus the XAU today, and, note that it turned bearish less than halfway into today's session, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=m&q=l&p=&a=&c=%5Ehui,nem.
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, see the first chart at http://www.joefrocks.com/GoldStockCharts.html. 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
The fact that HUI put in a lower cycle high today than last Thursday's probably means that it's monthly cycle high occurred last Thursday, and, that NEM/XAU's monthly cycle high occurred early today. I still want to see (for confirmation) the vicious 5%+ Wave A short term downcycle before (looking to, will wait for Wave B up) shorting/buying puts, but it's likely that HUI/NEM/XAU have entered a one to two week monthly downcycle.
As expected/discussed earlier, it looks like NEM and the XAU will fill today's downside gaps (created at the open) at 44.32 and 133.02 early tomorrow.
The NEM Lead Indicator was a slightly bearish -0.19% versus the XAU today, and, note that it turned bearish less than halfway into today's session, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=m&q=l&p=&a=&c=%5Ehui,nem.
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, see the first chart at http://www.joefrocks.com/GoldStockCharts.html. 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
1:56 PM
