GDX (Gold Miners ETF) And Reliable Lead Indicator NEM's Downside Gaps

GDX (Gold Miners ETF) and reliable lead indicator NEM's downside gaps to watch this week are 46.42, 43.88, and 42.65 for GDX, and, 47.01, 45.10, 42.29, and 41.52 for NEM. Downside gaps to watch for GLD (Gold ETF) are 91.40, 87.42, 85.83, and, 84.58.

Since reliable lead indicator NEM put in a Wave 2 major intermediate term cycle low on 5-1 at 42.36, see http://stockcharts.com/charts/gallery.html?nem, then, obviously 42.29 and 41.52 shouldn't get filled/should be bullish breakaway gaps. Wave 1 peaked in January at 57.44 and NEM entered a Cyclical Bull Market in June 2007 after putting in a Cyclical Bear Market (began 1-31-06) cycle low at 37.84.

On Tuesday 7-1 GDX/GLD/HUI/XAU entered Wave C of the Wave A major intermediate term downcycle since mid March, see http://stockcharts.com/charts/gallery.html?gdx, peaking in rollover mode versus May's cycle high.

The NEM Lead Indicator is extremely bearish short term, at -0.80% versus the XAU on 7-3, -0.82% on 7-2, +1.15% on 7-1, -1.38% on 6-30, -2.45% on 6-27, -0.95% on 6-26, -0.08% on 6-25.

For all additional info, see http://tradethecycles.blogspot.com/2008/07/spx-s-p-500-probably-didnt-put-in.html.

.......http://www.JoeFRocks.com/

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