Reliable Lead Indicator NEM May Have Hit A Wave 2 Cyclical Bear Market (Since 1-31-06) Cycle Low Today
Reliable Lead Indicator NEM may have hit a Wave 2 Cyclical Bear Market (Since 1-31-06) cycle low today at 39.84, on extremely high volume of 17.52 million shares. 15+ million shares is very rare for NEM, and, in the past 5 years has only occurred about six or seven times, and, each time was near a very important cycle low or cycle high. NEM must hit a 5% follow through buy signal before “Trade the Cycles” flashes a major buy signal, indicating that NEM has probably entered the Wave 3 Cyclical Bull Market of the Secular Bull Market/very long term upcycle since October 2000. 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).
HUI and the XAU are probably only in the process of putting in Wave A cycle lows of their Wave 2 Cyclical Bear Market since 5-11-06, and, they still probably have a substantial decline ahead of them, to 100-110 for the XAU.
The NEM Lead Indicator was a very bearish -1.35% versus the XAU today, so, a test of today's cycle lows for HUI/NEM/XAU is likely in the next few days.
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 30-35 points above it's primary Secular Bull Market/very long term upcycle (since October 2000) trendline, which is 25-30%! 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.
The past fifteen weeks and three days the NEM Lead Indicator is a very bearish -16.76% versus the XAU.
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
HUI and the XAU are probably only in the process of putting in Wave A cycle lows of their Wave 2 Cyclical Bear Market since 5-11-06, and, they still probably have a substantial decline ahead of them, to 100-110 for the XAU.
The NEM Lead Indicator was a very bearish -1.35% versus the XAU today, so, a test of today's cycle lows for HUI/NEM/XAU is likely in the next few days.
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 30-35 points above it's primary Secular Bull Market/very long term upcycle (since October 2000) trendline, which is 25-30%! 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.
The past fifteen weeks and three days the NEM Lead Indicator is a very bearish -16.76% versus the XAU.
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
1:18 PM
