The NEM Lead Indicator Was A Bullish +0.49% Vs The XAU Today
After HUI/XAU put in slightly lower double tops (early on today) with Thursday's Wave B cycle highs, they fell significantly. HUI closed at 302.87 today versus a session cycle high at 308.54, so, HUI closed -1.84% below it's session cycle high. Today's bullish NEM Lead Indicator at +0.49% vs the XAU indicates that there's likely to be some strength tomorrow, possibly after a decline very early on, in which NEM's downside gap at 42.75 and the XAU's downside gap at 128.42 (created at today's open) probably get filled.
Last week the NEM Lead Indicator was a very bearish -4.46% vs the XAU, which means that Wave C down of the major downcycle since 9-6-06 for HUI/XAU should soon begin to plunge in a major way. HUI/XAU did decline nearly the entire session today after a very brief spike after the open. The past fifteen weeks and one day the NEM Lead Indicator is a very bearish -16.67% versus the XAU.
The XAU's Secular Bull Market/very long term upcycle trendline is currently at 85-90ish (see second chart at http://www.joefrocks.com/GoldStockCharts.html), so, please keep that in mind.
A vicious multi week decline, similar to the one that occurred from 5-11-06 until 6-13-06 for HUI/NEM/XAU, began on 9-6 for HUI/XAU and on 9-5 for reliable lead indicator NEM. Wave C down/another brutal decline may have begun on Thursday for HUI/XAU, in which Wave A of their Cyclical Bear Market since 5-11-06 bottoms, probably in the 100-110 range for the XAU. 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
Last week the NEM Lead Indicator was a very bearish -4.46% vs the XAU, which means that Wave C down of the major downcycle since 9-6-06 for HUI/XAU should soon begin to plunge in a major way. HUI/XAU did decline nearly the entire session today after a very brief spike after the open. The past fifteen weeks and one day the NEM Lead Indicator is a very bearish -16.67% versus the XAU.
The XAU's Secular Bull Market/very long term upcycle trendline is currently at 85-90ish (see second chart at http://www.joefrocks.com/GoldStockCharts.html), so, please keep that in mind.
A vicious multi week decline, similar to the one that occurred from 5-11-06 until 6-13-06 for HUI/NEM/XAU, began on 9-6 for HUI/XAU and on 9-5 for reliable lead indicator NEM. Wave C down/another brutal decline may have begun on Thursday for HUI/XAU, in which Wave A of their Cyclical Bear Market since 5-11-06 bottoms, probably in the 100-110 range for the XAU. 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
1:12 PM
