.....The NEM/WMT Lead Indicators Turned Bearish
See today's NEM Lead Indicator at http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem and note that the gap versus the XAU narrowed dramatically by session's end (turned bearish), and, note that WMT underperformed SPX today, see http://finance.yahoo.com/q/ta?s=%5EGSPC&t=1d&l=off&z=l&q=c&p=&a=m26-12-9,m26-12-9,p12,m26-12-9,p12,fs,m26-12-9,p12,fs,w14&c=wmt, but, the gap narrowed near session's end (Became less bearish).
HUI/NEM/XAU did a respectable very short term Wave B since late yesterday, see 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=, and, note that reliable lead indicator NEM peaked well ahead of HUI (not NEM dominated), 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=.
HUI's Wave B did an Elliott Wave 12345 up down up down up pattern, and, looks like it will begin an Elliott Wave ABC down up down Wave C downcycle tomorrow. NEM/XAU probably started Wave C today. In the very short term Wave C NEM should/may fill it's downside gap at 43.06 and the XAU should/may fill it's downside gap at 132.09. I'll be looking to (may not but probably will) exit my NEM short/long XAU puts positions in the very short term Wave C.
The XAU has a downside gap at 132.09, and, NEM has downside gaps at 43.06, 41.83, 41.09, and 40.83. The XAU's downside gap at 132.09 and NEM's downside gap at 43.06 will probably get filled tomorrow or Friday, then there MIGHT BE a meaningful Wave B type of rebound for a session or two. Cycle trendlines/channels used in concert with Elliott Wave patterns and gaps is the basis/crux of "Trade the Cycles."
Lycos Thomson I Watch showed some strong sell interest today for NEM (http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?t=NEM&range=0&mgp=0&i=3&hdate=&x=7&y=1) and WMT (http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?t=WMT&range=0&mgp=0&i=3&hdate=&x=7&y=1).
Today's first post is at http://tradethecycles.blogspot.com/2007/02/huinemxau-very-short-term-wave-b.html.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 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 5-6 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 8 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
HUI/NEM/XAU did a respectable very short term Wave B since late yesterday, see 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=, and, note that reliable lead indicator NEM peaked well ahead of HUI (not NEM dominated), 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=.
HUI's Wave B did an Elliott Wave 12345 up down up down up pattern, and, looks like it will begin an Elliott Wave ABC down up down Wave C downcycle tomorrow. NEM/XAU probably started Wave C today. In the very short term Wave C NEM should/may fill it's downside gap at 43.06 and the XAU should/may fill it's downside gap at 132.09. I'll be looking to (may not but probably will) exit my NEM short/long XAU puts positions in the very short term Wave C.
The XAU has a downside gap at 132.09, and, NEM has downside gaps at 43.06, 41.83, 41.09, and 40.83. The XAU's downside gap at 132.09 and NEM's downside gap at 43.06 will probably get filled tomorrow or Friday, then there MIGHT BE a meaningful Wave B type of rebound for a session or two. Cycle trendlines/channels used in concert with Elliott Wave patterns and gaps is the basis/crux of "Trade the Cycles."
Lycos Thomson I Watch showed some strong sell interest today for NEM (http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?t=NEM&range=0&mgp=0&i=3&hdate=&x=7&y=1) and WMT (http://thomson.finance.lycos.com/lycos/iwatch/cgi-bin/iw_ticker?t=WMT&range=0&mgp=0&i=3&hdate=&x=7&y=1).
Today's first post is at http://tradethecycles.blogspot.com/2007/02/huinemxau-very-short-term-wave-b.html.
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 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 5-6 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 8 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
2:03 PM
