Wave A Down of the HUI/XAU/Gold Wave 2 Cyclical Bear Market Since 3-17-08 Probably Didn't Bottom Yet
Wave A down of the HUI/XAU/Gold Wave 2 Cyclical Bear Market since 3-17-08 probably didn't bottom yet, see http://stockcharts.com/charts/gallery.html?%24hui. At important cycle lows there's almost always a bullish very large inverse spike, and, on 8-11 the inverse spike is relatively small compared to prior important cycle lows, see the second chart down at the link above.
Also, GDX (Gold Miners ETF) has an unfilled downside gap at 32.20 that will probably get filled before the bottom occurs. So, the strength since 8-11-08 is probably countertrend action, it's probably Wave B of Wave C (since 7-15-08) of the Wave A Major Intermediate Term Downcycle since 3-17-08, which is Wave A down of the Wave 2 Cyclical Bear Market since 3-17-08.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Also, GDX (Gold Miners ETF) has an unfilled downside gap at 32.20 that will probably get filled before the bottom occurs. So, the strength since 8-11-08 is probably countertrend action, it's probably Wave B of Wave C (since 7-15-08) of the Wave A Major Intermediate Term Downcycle since 3-17-08, which is Wave A down of the Wave 2 Cyclical Bear Market since 3-17-08.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
8:22 AM
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