It Looks Like GDX (Gold Miners ETF) Will Fill It's Downside Gap At 35.20
It looks like GDX (Gold Miners ETF) will probably fill it's downside gap at 35.20 today or tomorrow as expected, see http://finance.yahoo.com/q/ta?s=gdx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=. GDX's cycle low at 36.05 so far today is probably a Wave A type cycle low, not the final very short term Wave C cycle low. 35.20 could obviously end up being a bullish breakaway gap also, but, probably not.
The sector NEM Lead Indicator is extremely bullish right now (which is bearish very short term), see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem, and, the broad market Walmart (WMT) Lead Indicator is modestly bearish right now, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.
I'm looking to day trade short AEM (60.94 downside gap) or HMY (9.38 downside gap) right now. Once GDX/HUI/XAU hit a very short term cycle low, probably shortly after GDX fills it's downside gap at 35.20, I'll look to trade AEM or FCX long. Not a recommendation, do your own due diligence.
FCX (http://stockcharts.com/charts/gallery.html?fcx) appears to have bottomed/hit a short term Wave 2 cycle low today 9-25 at 64.75, see http://finance.yahoo.com/q/ta?s=fcx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, completing a 2+ day Elliott Wave ABC down up down short term Wave 2 downcycle. Not a recommendation, do your own due diligence.
As I've discussed in recent days there should be, based on the nature of cycles, a huge final Wave 5 GDX/HUI/XAU (http://stockcharts.com/charts/gallery.html?gdx) spike move, once the current downside gap filling action is completed today or tomorrow. The short term Wave 1 upcycle since 9-11-08 has been a monster, so, based on the nature of cycles, the huge final Wave 5 GDX/HUI/XAU spike move should be a monster.
This obviously assumes that GDX/HUI/XAU's (http://stockcharts.com/charts/gallery.html?gdx) monster short term Wave 1 upcycle since 9-11-08 didn't peak yet/on 9-22-08. The candles on 9-22 are bullish/white (close above the open), and, don't have the usual large bearish spike that tends to mark important cycle highs, so, the monster GDX/HUI/XAU short term Wave 1 upcycle since 9-11-08 probably remains in effect.
The NEM Lead Indicator turned extremely bullish today (about +2.30% versus the XAU right now), so, the huge final Wave 5 spike move scenario appears likely. Got cycles?
The Double Long Gold ETN (Exchange Traded Note) DGP should be a good trade for gold's final spike move of the monster short term Wave 1 upcycle since 9-11-08. Not a recommendation, do your own due diligence.
.......http://www.JoeFRocks.com/
NEM XAU HUI
The sector NEM Lead Indicator is extremely bullish right now (which is bearish very short term), see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem, and, the broad market Walmart (WMT) Lead Indicator is modestly bearish right now, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.
I'm looking to day trade short AEM (60.94 downside gap) or HMY (9.38 downside gap) right now. Once GDX/HUI/XAU hit a very short term cycle low, probably shortly after GDX fills it's downside gap at 35.20, I'll look to trade AEM or FCX long. Not a recommendation, do your own due diligence.
FCX (http://stockcharts.com/charts/gallery.html?fcx) appears to have bottomed/hit a short term Wave 2 cycle low today 9-25 at 64.75, see http://finance.yahoo.com/q/ta?s=fcx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, completing a 2+ day Elliott Wave ABC down up down short term Wave 2 downcycle. Not a recommendation, do your own due diligence.
As I've discussed in recent days there should be, based on the nature of cycles, a huge final Wave 5 GDX/HUI/XAU (http://stockcharts.com/charts/gallery.html?gdx) spike move, once the current downside gap filling action is completed today or tomorrow. The short term Wave 1 upcycle since 9-11-08 has been a monster, so, based on the nature of cycles, the huge final Wave 5 GDX/HUI/XAU spike move should be a monster.
This obviously assumes that GDX/HUI/XAU's (http://stockcharts.com/charts/gallery.html?gdx) monster short term Wave 1 upcycle since 9-11-08 didn't peak yet/on 9-22-08. The candles on 9-22 are bullish/white (close above the open), and, don't have the usual large bearish spike that tends to mark important cycle highs, so, the monster GDX/HUI/XAU short term Wave 1 upcycle since 9-11-08 probably remains in effect.
The NEM Lead Indicator turned extremely bullish today (about +2.30% versus the XAU right now), so, the huge final Wave 5 spike move scenario appears likely. Got cycles?
The Double Long Gold ETN (Exchange Traded Note) DGP should be a good trade for gold's final spike move of the monster short term Wave 1 upcycle since 9-11-08. Not a recommendation, do your own due diligence.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
8:48 AM
3 Comments:
It looks like GDX will probably fill it's downside gap at 35.20 early tomorrow.
It looks like AEM will probably fill it's downside gap at 60.94 early tomorrow. I'll probably trade AEM long tomorrow. FCX also looks like a good long right now. Not recommendations.
By
Joe Ferrazzano, at 12:59 PM
The major averages' rebound today is probably part of a countertrend Wave B upcycle of a short term Wave 2 downcycle.
I probably won't do a post market update today 9-25. I don't really need to. Ciao! May the force be with you.
By
Joe Ferrazzano, at 1:14 PM
The comment above obviously assumes that the major averages hit an important cycle low on 9-18-08, which obviously might not be the case, especially in the current very news driven market.
By
Joe Ferrazzano, at 6:33 PM
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