Reliable Lead Indicator NEM Probably Hit A Monthly Cycle High At 45.50 Yesterday
Reliable lead indicator NEM probably hit a monthly cycle high at 45.50 yesterday in rollover mode, for the monthly upcycle since 10-4-06. NEM put in a near perfect double top today at 45.49. HUI and the XAU probably put in monthly cycle highs today in rollover mode. It made perfect sense that HUI would take out last Thursday's cycle high and lag NEM, since NEM is a surprisingly good lead indicator, see HUI's five day chart: 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==.
I 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 or very soon will enter a one to two week monthly downcycle.
NEM and the XAU will probably fill yesterday's downside gaps (created at the open) at 44.32 and 133.02 tomorrow or Thursday.
The NEM Lead Indicator was a bearish -0.88% versus the XAU today, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=m&q=l&p=&a=&c=%5Ehui,nem, which is another indication that the monthly upcycle since 10-4-06 may have peaked. The NEM Lead Indicator was a slightly bearish -0.19% versus the XAU yesterday.
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
I 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 or very soon will enter a one to two week monthly downcycle.
NEM and the XAU will probably fill yesterday's downside gaps (created at the open) at 44.32 and 133.02 tomorrow or Thursday.
The NEM Lead Indicator was a bearish -0.88% versus the XAU today, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=m&q=l&p=&a=&c=%5Ehui,nem, which is another indication that the monthly upcycle since 10-4-06 may have peaked. The NEM Lead Indicator was a slightly bearish -0.19% versus the XAU yesterday.
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
1:17 PM
