Wave A Of SPX/NDX/RUT's Wave 4 Monthly Downcycle Is Bottoming
Wave A of SPX/NDX/RUT's Wave 4 Monthly Downcycle since 5-19-08 is bottoming, probably early tomorrow 5-22, see http://finance.yahoo.com/q/ta?s=%5EGSPC&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c= and see http://stockcharts.com/charts/gallery.html?%24spx.
The absence of a large bullish inverse spike on the intraday chart, and, the fact that the WMT Lead Indicator was only modestly bullish today, at +0.32% versus SPX (S & P 500), are signs that the Wave A downcycle probably hasn't bottomed yet.
SPX filled it's downside gap at 1403.04 today 5-21 and WMT filled it's downside gap at 55.15 today.
Today will be a "condensed" short update. I sold some gold and platinum coins today 5-21, and, in the future I'll probably be buying platinum instead of gold, which did about twice as well as gold.
I sold the coins, because, today 5-21 has the look of a potential Wave 5 cycle high of the countertrend Wave B monthly upcycle since 5-1-08, see http://stockcharts.com/charts/gallery.html?%24xau. Note the large bearish spike on today 5-21's candle.
I've been discussing a short term Wave 3 upcycle since 5-13, but, there is an up down up down up pattern on the daily chart (see http://stockcharts.com/charts/gallery.html?%24xau), and, today 5-21's candle, which is black/bearish (close below the open) with a large bearish spike, has the look of a final Wave 5 cycle high.
The WMT Lead Indicator was +0.32% versus SPX today/on 5-21, +0.13% on 5-20, -1.30% on 5-19, -0.27% on 5-16, -1.63% on 5-15, +1.01% on 5-14, -2.32% on 5-13.
The NEM Lead Indicator was +0.68% versus the XAU today/on 5-21, -0.83% on 5-20, -0.21% on 5-19, +1.56% on 5-16, -0.27% on 5-15, +1.93% on 5-14, -0.37% on 5-13, -0.65% on 5-12, -0.32% on 5-9, -1.32% on 5-8, -0.21% on 5-7, -0.25% on 5-6, -1.33% on 5-5, +1.30% on 5-2, +0.67% on 5-1.
VIX, at +5.75% today 5-21, points to very sharp SPX strength tomorrow once the countertrend Wave B upcycle of the Wave 4 monthly downcycle since 5-19 begins.
See all the other info at yesterday 5-20's update at http://tradethecycles.blogspot.com/2008/05/spxndxrut-wave-3-monthly-upcycle-since_20.html. Ciao
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
The absence of a large bullish inverse spike on the intraday chart, and, the fact that the WMT Lead Indicator was only modestly bullish today, at +0.32% versus SPX (S & P 500), are signs that the Wave A downcycle probably hasn't bottomed yet.
SPX filled it's downside gap at 1403.04 today 5-21 and WMT filled it's downside gap at 55.15 today.
Today will be a "condensed" short update. I sold some gold and platinum coins today 5-21, and, in the future I'll probably be buying platinum instead of gold, which did about twice as well as gold.
I sold the coins, because, today 5-21 has the look of a potential Wave 5 cycle high of the countertrend Wave B monthly upcycle since 5-1-08, see http://stockcharts.com/charts/gallery.html?%24xau. Note the large bearish spike on today 5-21's candle.
I've been discussing a short term Wave 3 upcycle since 5-13, but, there is an up down up down up pattern on the daily chart (see http://stockcharts.com/charts/gallery.html?%24xau), and, today 5-21's candle, which is black/bearish (close below the open) with a large bearish spike, has the look of a final Wave 5 cycle high.
The WMT Lead Indicator was +0.32% versus SPX today/on 5-21, +0.13% on 5-20, -1.30% on 5-19, -0.27% on 5-16, -1.63% on 5-15, +1.01% on 5-14, -2.32% on 5-13.
The NEM Lead Indicator was +0.68% versus the XAU today/on 5-21, -0.83% on 5-20, -0.21% on 5-19, +1.56% on 5-16, -0.27% on 5-15, +1.93% on 5-14, -0.37% on 5-13, -0.65% on 5-12, -0.32% on 5-9, -1.32% on 5-8, -0.21% on 5-7, -0.25% on 5-6, -1.33% on 5-5, +1.30% on 5-2, +0.67% on 5-1.
VIX, at +5.75% today 5-21, points to very sharp SPX strength tomorrow once the countertrend Wave B upcycle of the Wave 4 monthly downcycle since 5-19 begins.
See all the other info at yesterday 5-20's update at http://tradethecycles.blogspot.com/2008/05/spxndxrut-wave-3-monthly-upcycle-since_20.html. Ciao
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
3:43 PM
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