GDX/HUI/XAU/GLD Are Trying To Fill Friday 8-22's Upside Gaps
GDX/HUI/XAU/GLD (http://stockcharts.com/charts/gallery.html?gdx) are trying to fill Friday 8-22's upside gaps, 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=. Reliable lead indicator NEM is trying to fill it's upside gap at 46.12.
The sector NEM Lead Indicator was a bullish +0.78% versus the XAU yesterday/on 8-26, and, the broad market Walmart (WMT) Lead Indicator was +0.40% versus the S & P 500 (SPX) yesterday, so, today's "strength" isn't a shocker, though, so far the strength has been a big spike at the open followed by weakness.
Right now it looks like those upside gaps won't get filled until later on, after Wave A of the GDX/HUI/XAU/GLD Wave 2 Cyclical Bear Market since mid March bottoms. However, the respectably large gaps up at the open today, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c, might mean that upside gaps will get filled.
If the upside gaps get filled, which would mean that the countertrend Wave B upcycle that began on 8-11-08 (Wave B of the Wave C crash since 7-15-08) didn't peak on 8-21-08, and, the countertrend Wave B upcycle since 8-11-08 would end up having an Elliott Wave 12345 up down up down up pattern, so, it wouldn't be a big surprise.
.......http://www.JoeFRocks.com/
NEM XAU HUI
The sector NEM Lead Indicator was a bullish +0.78% versus the XAU yesterday/on 8-26, and, the broad market Walmart (WMT) Lead Indicator was +0.40% versus the S & P 500 (SPX) yesterday, so, today's "strength" isn't a shocker, though, so far the strength has been a big spike at the open followed by weakness.
Right now it looks like those upside gaps won't get filled until later on, after Wave A of the GDX/HUI/XAU/GLD Wave 2 Cyclical Bear Market since mid March bottoms. However, the respectably large gaps up at the open today, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c, might mean that upside gaps will get filled.
If the upside gaps get filled, which would mean that the countertrend Wave B upcycle that began on 8-11-08 (Wave B of the Wave C crash since 7-15-08) didn't peak on 8-21-08, and, the countertrend Wave B upcycle since 8-11-08 would end up having an Elliott Wave 12345 up down up down up pattern, so, it wouldn't be a big surprise.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
7:17 AM
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