NEM Very Short Term Cycle High At 42.06 At 2:50ish EST?
Did NEM hit a Very Short Term Cycle High at 42.06 at 2:50ish EST? The time now is 3 pm EST/10 minutes later. NEM's cycle high at 42.06 has a nice spike and looks like Wave 5 of the Very Short Term Upcycle that began yesterday at 39.84, see http://finance.yahoo.com/q/ta?s=nem&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. Also, the Very Short Term Upcycle has rolled over/flattened out dramatically, which suggests that NEM has peaked.
So, Elliot Wave and the nature of cycles suggest that NEM probably hit a very short term cycle high at 42.06 at 2:50ish EST (even if 42.06 is very close it'll be great). NEM should do an ABC down up down downcycle if that's the case. We'll see if a cycle high can be nailed 10 minutes after the fact. NEM has an unfilled downside gap at 40.83 from today's open that may get filled in the next session or two. ....... http://www.JoeFRocks.com/
HUI NEM XAU
So, Elliot Wave and the nature of cycles suggest that NEM probably hit a very short term cycle high at 42.06 at 2:50ish EST (even if 42.06 is very close it'll be great). NEM should do an ABC down up down downcycle if that's the case. We'll see if a cycle high can be nailed 10 minutes after the fact. NEM has an unfilled downside gap at 40.83 from today's open that may get filled in the next session or two. ....... http://www.JoeFRocks.com/
HUI NEM XAU
posted by Joe Ferrazzano at
12:05 PM
