...........NEM Very Short Term Cycle High At 42.10?
NEM may have hit a Very Short Term Cycle High at 42.10 late today, which was only 4 cents/less than 0.10% above 42.06 discussed in the previous post. NEM's cycle high at 42.10 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 may have peaked.
NEM and the XAU's large gaps to the downside that occurred on Tuesday were breakaway gaps (see http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=), which means they probably won't get filled so soon after occurring, so, that's another sign that weakness is likely tomorrow. NEM and the XAU have unfilled downside gaps from today's open at 40.83 and 122.06 that may get filled in the next session or two.
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. Therefore, the XAU is still 35-40 points above it's primary Secular Bull Market/very long term upcycle (since October 2000) trendline, which is about 30%!
The XAU and HUI have been in a Wave 2 Cyclical Bear Market since 5-11-06 and reliable lead indicator NEM has been in a Wave 2 Cyclical Bear Market since 1-31-06 (may have ended at 39.84 yesterday).
Reliable lead indicator NEM made a new Wave 2 Cyclical Bear Market (since 1-31-06) cycle low at 39.84 yesterday. NEM's Secular Bull Market/very long term upcycle trendline is currently at 39.84ish (see first chart at http://www.joefrocks.com/GoldStockCharts.html).
The past fifteen weeks and four days the NEM Lead Indicator is a very bearish -16.66% versus the XAU. The NEM Lead Indicator was a slightly bullish +0.10% versus the XAU today.
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 began on Thursday 9-28 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
NEM and the XAU's large gaps to the downside that occurred on Tuesday were breakaway gaps (see http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=), which means they probably won't get filled so soon after occurring, so, that's another sign that weakness is likely tomorrow. NEM and the XAU have unfilled downside gaps from today's open at 40.83 and 122.06 that may get filled in the next session or two.
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. Therefore, the XAU is still 35-40 points above it's primary Secular Bull Market/very long term upcycle (since October 2000) trendline, which is about 30%!
The XAU and HUI have been in a Wave 2 Cyclical Bear Market since 5-11-06 and reliable lead indicator NEM has been in a Wave 2 Cyclical Bear Market since 1-31-06 (may have ended at 39.84 yesterday).
Reliable lead indicator NEM made a new Wave 2 Cyclical Bear Market (since 1-31-06) cycle low at 39.84 yesterday. NEM's Secular Bull Market/very long term upcycle trendline is currently at 39.84ish (see first chart at http://www.joefrocks.com/GoldStockCharts.html).
The past fifteen weeks and four days the NEM Lead Indicator is a very bearish -16.66% versus the XAU. The NEM Lead Indicator was a slightly bullish +0.10% versus the XAU today.
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 began on Thursday 9-28 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
1:13 PM
