This GDX/HUI/XAU Bounce is Very Likely to be a Countertrend Wave B Upcycle of the Short Term Wave 2 Downcycle

This GDX/HUI/XAU bounce, see http://stockcharts.com/charts/gallery.html?%24xau, is very likely to be a countertrend Wave B upcycle of the short term Wave 2 downcycle since 11-5-08, not the start of a short term Wave 3 upcycle that was discussed yesterday.

Looking at HUI/XAU's candle yesterday 11-6-08 (except for GDX, it doesn't look like an important cycle low), see http://stockcharts.com/charts/gallery.html?%24xau, plus the fact that the NEM Lead Indicator is super bearish the past few weeks (http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem), and, the fact that GDX/HUI/XAU had a huge spike move up in recent weeks, this spike/rebound is very likely a countertrend Wave B upcycle of the short term Wave 2 downcycle since 11-5-08, not the start of a short term Wave 3 upcycle that was discussed yesterday.

The good news is that GDX/HUI/XAU probably/appear to have entered a Wave 3 Cyclical Bull Market recently, but, have yet to hit a 5% follow through major buy signal.

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

NEM XAU HUI