I'm Looking To Day Trade AEM (Agnico Eagle Mines) Long
I'm looking to possibly day trade AEM (Agnico Eagle Mines, http://stockcharts.com/charts/gallery.html?aem) long today 9-23, see http://finance.yahoo.com/q/ta?s=aem&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=.
AEM recently broke it's multi month downtrend and hit a 5% follow through major buy signal. It followed through by 5%+ after breaking it's multi month downtrend line. On 9-11-08 AEM probably entered a Wave 5 Cyclical Bull Market of it's Secular Bull Market since 1998, see http://finance.yahoo.com/q/ta?s=AEM&t=my&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c=.
AEM's candle yesterday 9-22 was a white one (http://stockcharts.com/charts/gallery.html?aem), which indicates a bullish close above the open. Also, AEM experienced a big up gap yesterday (from 60.94), like much of the sector, which points to more upside very short term, because, it's a bullish breakaway gap. AEM, like GDX/HUI/XAU, is in Wave 5 of the monster short term Wave 1 upcycle since 9-11-08.
If AEM doesn't fill yesterday 9-22's downside gap at 60.94, that will obviously be a good sign to look to day trade long, because, 60.94 will still be a bullish breakaway gap. Also, if reliable lead indicator NEM doesn't fill yesterday 9-22's downside gap at 41.85, the very short term picture will be that much more bullish.
.......http://www.JoeFRocks.com/
NEM XAU HUI
AEM recently broke it's multi month downtrend and hit a 5% follow through major buy signal. It followed through by 5%+ after breaking it's multi month downtrend line. On 9-11-08 AEM probably entered a Wave 5 Cyclical Bull Market of it's Secular Bull Market since 1998, see http://finance.yahoo.com/q/ta?s=AEM&t=my&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c=.
AEM's candle yesterday 9-22 was a white one (http://stockcharts.com/charts/gallery.html?aem), which indicates a bullish close above the open. Also, AEM experienced a big up gap yesterday (from 60.94), like much of the sector, which points to more upside very short term, because, it's a bullish breakaway gap. AEM, like GDX/HUI/XAU, is in Wave 5 of the monster short term Wave 1 upcycle since 9-11-08.
If AEM doesn't fill yesterday 9-22's downside gap at 60.94, that will obviously be a good sign to look to day trade long, because, 60.94 will still be a bullish breakaway gap. Also, if reliable lead indicator NEM doesn't fill yesterday 9-22's downside gap at 41.85, the very short term picture will be that much more bullish.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
7:10 AM
2 Comments:
Would you concur that we are in a wave 4 down tonight, still wave 5 to come? Thanks
By
Sean, at 10:24 AM
GDX/HUI/XAU/NEM and AEM are still probably in Wave 5 of the monster short term Wave 1 upcycle since 9-11-08, even if yesterday 9-22's downside gaps get filled.
By
Joe Ferrazzano, at 10:44 AM
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