Reliable HUI/XAU/Gold Lead Indicator NEM Fell -6.19% From Session Cycle High To Session Cycle Low
Reliable HUI/XAU/gold lead indicator NEM fell -6.19% from session cycle high at 55.56 to session cycle low at 52.12, see http://finance.yahoo.com/q/ta?s=nem&t=5d&l=on&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, with most of the decline occurring early in the session in a 15 minute crash.
HUI/XAU/NEM have done Elliott Wave ABC down up down patterns since late Wednesday 1-30 (and intraday), see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=on&z=l&q=c&p=&a=p12,fs,w14&c=, which, combined with the fact that the NEM Lead Indicator turned very bullish/narrowed dramatically late in the session (closed at -0.97% versus the XAU today/2-1), after being well over -2.00% versus the XAU today at the most bearish point, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=l&q=l&p=&a=&c=%5Ehui,nem, points to likely but probably brief significant strength on Monday, and, probably another good shorting opportunity. A modest rebound began late in the session for HUI, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=on&z=l&q=c&p=&a=p12,fs,w14&c.
HUI/XAU/NEM entered a short term Wave C downcycle late on Wednesday 1-30, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=on&z=l&q=c&p=&a=p12,fs,w14&c=. Watch downside gaps for NEM (50.50), GDX (48.19), and the XAU (175.65, http://stockcharts.com/charts/gallery.html?%24xau) that should get filled in the next few sessions.
I did a good 16 minute 35 second GDX (Gold Miners ETF) day trade today, shorting it at 50.80 and covering it at 49.948.
The NEM Lead Indicator was a bearish -0.97% versus the XAU today/on 2-1, and, was a bearish -0.87% versus the XAU yesterday/on 1-31.
Since 11-7-07 the XAU has had only one session (1-14-08) where it made any upside progress (HUI had three) versus 11-7-07's cycle high, see http://stockcharts.com/charts/gallery.html?%24xau. The XAU obviously dramatically rolled over, probably put in a Wave 1 Cyclical Bull Market cycle high on 1-14-08 at 199.25, then put in a short term countertrend Wave B cycle high on 1-30-08, see the new annotated XAU candlestick chart dated 1-30-08, see chart one at http://www.joefrocks.com/GoldStockCharts.html.
SPX's (S & P 500) short term Wave 1 upcycle since 1-23-08 (Wave B minor intermediate term upcycle began) might have peaked early today, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=on&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c, and, see http://stockcharts.com/charts/gallery.html?%24spx. SPX has done an Elliott Wave 12345 up down up down up pattern on the daily candlestick chart since 1-23-08. SPX's short term Wave 2 downcycle will probably bottom Monday or Tuesday, maybe early Wednesday.
The WMT Lead Indicator was a modestly bearish -0.35% today/on 2-1. I'll be looking to day trade SPX/NDX/RUT's short term Wave 2 downcycle ultra short early next week via SDS, QID, or TWM (ETFs).
Wave A intermediate term (Cyclical Bear Market began 10-11-07 for SPX, late October 2007 for NDX, late July 2007 for RUT) cycle lows occurred on 1-23 for SPX/NDX and on 1-22 for RUT (Russell 2000), so, SPX/NDX/RUT are in a countertrend Wave B minor intermediate term upcycle.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
HUI/XAU/NEM have done Elliott Wave ABC down up down patterns since late Wednesday 1-30 (and intraday), see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=on&z=l&q=c&p=&a=p12,fs,w14&c=, which, combined with the fact that the NEM Lead Indicator turned very bullish/narrowed dramatically late in the session (closed at -0.97% versus the XAU today/2-1), after being well over -2.00% versus the XAU today at the most bearish point, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=l&q=l&p=&a=&c=%5Ehui,nem, points to likely but probably brief significant strength on Monday, and, probably another good shorting opportunity. A modest rebound began late in the session for HUI, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=on&z=l&q=c&p=&a=p12,fs,w14&c.
HUI/XAU/NEM entered a short term Wave C downcycle late on Wednesday 1-30, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=on&z=l&q=c&p=&a=p12,fs,w14&c=. Watch downside gaps for NEM (50.50), GDX (48.19), and the XAU (175.65, http://stockcharts.com/charts/gallery.html?%24xau) that should get filled in the next few sessions.
I did a good 16 minute 35 second GDX (Gold Miners ETF) day trade today, shorting it at 50.80 and covering it at 49.948.
The NEM Lead Indicator was a bearish -0.97% versus the XAU today/on 2-1, and, was a bearish -0.87% versus the XAU yesterday/on 1-31.
Since 11-7-07 the XAU has had only one session (1-14-08) where it made any upside progress (HUI had three) versus 11-7-07's cycle high, see http://stockcharts.com/charts/gallery.html?%24xau. The XAU obviously dramatically rolled over, probably put in a Wave 1 Cyclical Bull Market cycle high on 1-14-08 at 199.25, then put in a short term countertrend Wave B cycle high on 1-30-08, see the new annotated XAU candlestick chart dated 1-30-08, see chart one at http://www.joefrocks.com/GoldStockCharts.html.
SPX's (S & P 500) short term Wave 1 upcycle since 1-23-08 (Wave B minor intermediate term upcycle began) might have peaked early today, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=on&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c, and, see http://stockcharts.com/charts/gallery.html?%24spx. SPX has done an Elliott Wave 12345 up down up down up pattern on the daily candlestick chart since 1-23-08. SPX's short term Wave 2 downcycle will probably bottom Monday or Tuesday, maybe early Wednesday.
The WMT Lead Indicator was a modestly bearish -0.35% today/on 2-1. I'll be looking to day trade SPX/NDX/RUT's short term Wave 2 downcycle ultra short early next week via SDS, QID, or TWM (ETFs).
Wave A intermediate term (Cyclical Bear Market began 10-11-07 for SPX, late October 2007 for NDX, late July 2007 for RUT) cycle lows occurred on 1-23 for SPX/NDX and on 1-22 for RUT (Russell 2000), so, SPX/NDX/RUT are in a countertrend Wave B minor intermediate term upcycle.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
1:17 PM
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