There Might Be A Good HUI/XAU/NEM/Gold Shorting Opportunity Early On Monday
There might be a good HUI/XAU/NEM/gold shorting opportunity early on Monday, 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=. HUI (http://stockcharts.com/charts/gallery.html?%24hui) entered Wave C (just after the open) on 4-10 of the very short term Wave 2 (began 4-7) of the short term Wave B (since 4-1-08).
The Elliott Wave ABC down up down pattern since Wave C of Wave 2 began (just after 4-10's open), assuming that it bottomed near session's end on 4-11 or nearly so, 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, is probably Wave A of Wave C of Wave 2. Near session's end HUI (http://stockcharts.com/charts/gallery.html?%24hui) only modestly took out 4-8's Wave A of Wave 2 cycle low, and, will probably bottom substantially below 4-8's Wave A cycle low and fill downside gaps discussed below. Important cycle lows/highs tend to occur shortly after gap filling action is completed.
If so, then there should be a modest bounce early on Monday, that will probably be a good shorting opportunity. GDX (Gold Miners ETF) has a downside gap at 46.39 and NEM has one at 44.80, both from 4-2's open, that will probably get filled on Monday or Tuesday. The very short term Wave 2 (since 4-7) targets are 46.20ish for GDX and 44.60ish for NEM.
The intraday one day NEM Lead Indicator (see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=on&z=l&q=l&p=&a=&c=%5Ehui,nem) should turn very bearish early on Monday if this likely scenario occurs.
.......http://www.JoeFROCKS.com/ .
HUI NEM XAU
The Elliott Wave ABC down up down pattern since Wave C of Wave 2 began (just after 4-10's open), assuming that it bottomed near session's end on 4-11 or nearly so, 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, is probably Wave A of Wave C of Wave 2. Near session's end HUI (http://stockcharts.com/charts/gallery.html?%24hui) only modestly took out 4-8's Wave A of Wave 2 cycle low, and, will probably bottom substantially below 4-8's Wave A cycle low and fill downside gaps discussed below. Important cycle lows/highs tend to occur shortly after gap filling action is completed.
If so, then there should be a modest bounce early on Monday, that will probably be a good shorting opportunity. GDX (Gold Miners ETF) has a downside gap at 46.39 and NEM has one at 44.80, both from 4-2's open, that will probably get filled on Monday or Tuesday. The very short term Wave 2 (since 4-7) targets are 46.20ish for GDX and 44.60ish for NEM.
The intraday one day NEM Lead Indicator (see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=on&z=l&q=l&p=&a=&c=%5Ehui,nem) should turn very bearish early on Monday if this likely scenario occurs.
.......http://www.JoeFROCKS.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
3:25 PM
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