Watch Today's Downside Gaps For GDX, NEM, And The XAU
Watch today's and yesterday's downside gaps (created at the open) for GDX (Gold Miners ETF) at 50.35, 48.19, for NEM at 52.97, 50.50, and, for the XAU at 185.89, 175.65. They could get filled today or Monday, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=.
The XAU entered a countertrend Wave B upcycle on Wednesday 1-23 versus 1-22 for HUI, see http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, appears to have done a complete Elliott Wave 12345 up down up down up upcycle, so, the entire countertrend Wave B upcycle might have peaked early today, which jives with the very bearish NEM Lead Indicator, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=on&z=l&q=l&p=&a=&c=%5Ehui,nem.
The NEM Lead Indicator was a very bearish -0.94% versus the XAU on 1-24, after being a very bearish -1.92% on 1-23, -1.69% on 1-22, -1.11% on 1-18.
A 12-18 month Wave 2 Cyclical Bear Market probably/very likely 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.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
The XAU entered a countertrend Wave B upcycle on Wednesday 1-23 versus 1-22 for HUI, see http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, appears to have done a complete Elliott Wave 12345 up down up down up upcycle, so, the entire countertrend Wave B upcycle might have peaked early today, which jives with the very bearish NEM Lead Indicator, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=on&z=l&q=l&p=&a=&c=%5Ehui,nem.
The NEM Lead Indicator was a very bearish -0.94% versus the XAU on 1-24, after being a very bearish -1.92% on 1-23, -1.69% on 1-22, -1.11% on 1-18.
A 12-18 month Wave 2 Cyclical Bear Market probably/very likely 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.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
6:55 AM
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