A New Annotated GDX (Gold Miners ETF) Chart With The Elliott Wave Count
I did a new annotated GDX (Gold Miners ETF) chart with the Elliott Wave count, see chart two at http://www.joefrocks.com/GoldStockCharts.html. Note the two bearish unfilled breakaway gaps (there's actually a third one created recently, that probably won't get filled in the current countertrend Wave B type upcycle). In order for the current GDX/HUI/XAU/GLD picture to potentially change from very cautious/very bearish to maybe bullish, those upside gaps obviously must get filled.
The GDX/HUI/XAU/GLD Elliott Wave count is probably Wave B up of Wave A down of the Wave C minor intermediate term downcycle since 5-21-08, which jives with the very bearish (lead indicators are cumulative, adding the two sessions it's very bearish from a very short term point of view) NEM Lead Indicator now/the past two sessions, at -0.85% versus the XAU on 6-6 and -0.98% on 6-5. Also, the candle on 6-5 doesn't look like an important (Wave A of Wave C) cycle low.
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
The GDX/HUI/XAU/GLD Elliott Wave count is probably Wave B up of Wave A down of the Wave C minor intermediate term downcycle since 5-21-08, which jives with the very bearish (lead indicators are cumulative, adding the two sessions it's very bearish from a very short term point of view) NEM Lead Indicator now/the past two sessions, at -0.85% versus the XAU on 6-6 and -0.98% on 6-5. Also, the candle on 6-5 doesn't look like an important (Wave A of Wave C) cycle low.
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
11:20 PM
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