HUI/XAU Began A Short Term Countertrend Wave B Upcycle Tuesday 1-22
HUI/XAU began a short term countertrend Wave B upcycle Tuesday 1-22 (http://stockcharts.com/charts/gallery.html?%24hui), 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=. The huge Wave A downcycle began on 1-14-08 and obviously, after today's huge spike at the open, bottomed Tuesday.
The great day trade shorting opportunity didn't arise today, but, there's still a good day trade shorting opportunity. My thinking yesterday was that Wave A (began on 1-14-08) probably hadn't bottomed yet and that HUI/XAU would experience a huge decline today. They probably will experience a sharp decline today, so, I might still day trade short. There should be a great shorting opportunity in the next few days, to catch the short term Wave C downcycle, which should bring a huge decline.
A 12-18 month Wave 2 Cyclical Bear Market probably began on Monday 1-14-08 for HUI/XAU, which is Wave 2 down of the Secular 20 yearish Bull Market that began in late 2000 for HUI/XAU, began in April 2001 for gold, and, began in late 2001 for silver. Gold lags HUI/XAU and silver lags gold.
HUI/XAU peaked in rollover mode versus the 11-7-07 cycle highs, and, peaked in dramatic rollover mode versus the 5-11-06 cycle highs, see http://stockcharts.com/charts/gallery.html?%24hui.
I'm looking to trade RUT (Russell 2000) long today or tomorrow via the Ultra Long ETF UWM. Since hitting a likely intermediate term cycle low early on Tuesday 1-22 RUT has done an up down up and is now in a Wave 4 downcycle move, see http://finance.yahoo.com/q/ta?s=%5ERUT&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c, that should bottom today or tomorrow, when I'll be looking to go "ultra" long via UWM for a very short term 1 to 2 day trade.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
The great day trade shorting opportunity didn't arise today, but, there's still a good day trade shorting opportunity. My thinking yesterday was that Wave A (began on 1-14-08) probably hadn't bottomed yet and that HUI/XAU would experience a huge decline today. They probably will experience a sharp decline today, so, I might still day trade short. There should be a great shorting opportunity in the next few days, to catch the short term Wave C downcycle, which should bring a huge decline.
A 12-18 month Wave 2 Cyclical Bear Market probably began on Monday 1-14-08 for HUI/XAU, which is Wave 2 down of the Secular 20 yearish Bull Market that began in late 2000 for HUI/XAU, began in April 2001 for gold, and, began in late 2001 for silver. Gold lags HUI/XAU and silver lags gold.
HUI/XAU peaked in rollover mode versus the 11-7-07 cycle highs, and, peaked in dramatic rollover mode versus the 5-11-06 cycle highs, see http://stockcharts.com/charts/gallery.html?%24hui.
I'm looking to trade RUT (Russell 2000) long today or tomorrow via the Ultra Long ETF UWM. Since hitting a likely intermediate term cycle low early on Tuesday 1-22 RUT has done an up down up and is now in a Wave 4 downcycle move, see http://finance.yahoo.com/q/ta?s=%5ERUT&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c, that should bottom today or tomorrow, when I'll be looking to go "ultra" long via UWM for a very short term 1 to 2 day trade.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
6:49 AM
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