Yup, NEM Very Short Term Cycle High At 42.10 (Update: 42.14)
NEM hit a Very Short Term Cycle High at 42.10 late yesterday, which was only 4 cents/less than 0.10% above 42.06 discussed two posts ago. NEM's cycle high at 42.10 was a Wave 5 cycle high for the Very Short Term Upcycle that began on Wednesday 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=.
(Update at 10:45 am: NEM hit a Very Short Term Cycle High at 42.14 early today in rollover mode, which was only 8 cents/less than 0.20% above 42.06 discussed two posts ago.)
The Very Short Term Upcycle rolled over/flattened out dramatically yesterday, which suggested that NEM had 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 meant they probably won't get filled so soon after occurring, so, that was another sign that weakness was likely today. NEM and the XAU have unfilled downside gaps from yesterday's open at 40.83 and 122.06 that will probably get filled today or Monday.
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 about 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 (may have ended at 39.84 on Wednesday).
Reliable lead indicator NEM made a new Wave 2 Cyclical Bear Market (since 1-31-06) cycle low at 39.84 on Wednesday. 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 yesterday.
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
(Update at 10:45 am: NEM hit a Very Short Term Cycle High at 42.14 early today in rollover mode, which was only 8 cents/less than 0.20% above 42.06 discussed two posts ago.)
The Very Short Term Upcycle rolled over/flattened out dramatically yesterday, which suggested that NEM had 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 meant they probably won't get filled so soon after occurring, so, that was another sign that weakness was likely today. NEM and the XAU have unfilled downside gaps from yesterday's open at 40.83 and 122.06 that will probably get filled today or Monday.
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 about 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 (may have ended at 39.84 on Wednesday).
Reliable lead indicator NEM made a new Wave 2 Cyclical Bear Market (since 1-31-06) cycle low at 39.84 on Wednesday. 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 yesterday.
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
7:09 AM
