.....Important Update For Tuesday 1-20's Trading
Reliable broad market lead indicator Walmart (WMT) appears to have completed an inverse Elliott Wave 12345 down up down up down downcycle (began just after the open on 1-16, see the large bearish spike) at late mid session on Friday 1-16, see http://finance.yahoo.com/q/ta?s=wmt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=, so, tomorrow Tuesday 1-20 the market might see strength for much of the session. Note that WMT put in some bullish inverse spikes shortly before session's end.
WMT looks like it'll probably fill it's upside gap at 52.12 (created at 1-14's open) on 1-20. Also, WMT has a bullish inverse spike on 1-16's daily candle, see http://stockcharts.com/charts/gallery.html?wmt, though the candle is black, indicating a bearish close below the open.
Since WMT's huge very bearish breakaway gap down on 1-8-09 it's been trying to fill that upside gap at 55.54 created on 1-8-09.
SPX (S & P 500) will probably fill 1-14's upside bearish breakaway gap at 871.79 on 1-20, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. SPX (S & P 500) also has a bearish breakaway upside gap at 934.70 from 1-7's open.
GDX/HUI/XAU (http://stockcharts.com/charts/gallery.html?gdx) are probably in Wave 3 of the short term Wave 1 upcycle and Wave 5 monthly upcycle since 1-15-09, 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=.
The fact that GDX (Gold Miners ETF) put in large bullish inverse spikes on it's candles the past two sessions, and, GDX created a bullish breakaway downside gap at 29.13 on Friday 1-16, are good signs, see http://stockcharts.com/charts/gallery.html?gdx. I might day trade GDX long tomorrow, and, I might hold a modest position overnight. It's now doubtful that I'll be trading ultra short tomorrow 1-20.
I just checked the Canadian market, which is open today 1-19, and, Barrick Gold (ABX in the US) fell sharply, creating a bearish breakaway gap down at today's open, and, Agnico Eagle (AEM in the US) fell significantly, see http://finance.yahoo.com/q/cp?s=%5EGSPTSE, so, there might be a good entry point for GDX (Gold Miners ETF) early tomorrow 1-20.
A cautionary note is that, sometimes Wave 5 of a minor intermediate term upcycle (Wave 1 minor intermediate term upcycle since late October 2008 in this case for GDX/HUI/XAU) can end up being only a five to ten session (maybe less in some cases) short term upcycle, though the gains can be similar to those of a monthly upcycle, because, usually Wave 5 upcycles are the strongest, in terms of gains seen per session.
Actually, GDX/HUI/XAU's Wave 1 monthly upcycle, that began in late October 2008, only lasted eight sessions, so, it was more of a short term upcycle in terms of length, see http://stockcharts.com/charts/gallery.html?gdx. The Wave 3 monthly upcycle lasted much longer (from late November 2008 until 1-2-09), which is usually the case, that Wave 3s tend to be larger and longer than Wave 1s, so, the structure makes sense.
Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.
.......http://www.JoeFRocks.com/
NEM XAU HUI
WMT looks like it'll probably fill it's upside gap at 52.12 (created at 1-14's open) on 1-20. Also, WMT has a bullish inverse spike on 1-16's daily candle, see http://stockcharts.com/charts/gallery.html?wmt, though the candle is black, indicating a bearish close below the open.
Since WMT's huge very bearish breakaway gap down on 1-8-09 it's been trying to fill that upside gap at 55.54 created on 1-8-09.
SPX (S & P 500) will probably fill 1-14's upside bearish breakaway gap at 871.79 on 1-20, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. SPX (S & P 500) also has a bearish breakaway upside gap at 934.70 from 1-7's open.
GDX/HUI/XAU (http://stockcharts.com/charts/gallery.html?gdx) are probably in Wave 3 of the short term Wave 1 upcycle and Wave 5 monthly upcycle since 1-15-09, 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=.
The fact that GDX (Gold Miners ETF) put in large bullish inverse spikes on it's candles the past two sessions, and, GDX created a bullish breakaway downside gap at 29.13 on Friday 1-16, are good signs, see http://stockcharts.com/charts/gallery.html?gdx. I might day trade GDX long tomorrow, and, I might hold a modest position overnight. It's now doubtful that I'll be trading ultra short tomorrow 1-20.
I just checked the Canadian market, which is open today 1-19, and, Barrick Gold (ABX in the US) fell sharply, creating a bearish breakaway gap down at today's open, and, Agnico Eagle (AEM in the US) fell significantly, see http://finance.yahoo.com/q/cp?s=%5EGSPTSE, so, there might be a good entry point for GDX (Gold Miners ETF) early tomorrow 1-20.
A cautionary note is that, sometimes Wave 5 of a minor intermediate term upcycle (Wave 1 minor intermediate term upcycle since late October 2008 in this case for GDX/HUI/XAU) can end up being only a five to ten session (maybe less in some cases) short term upcycle, though the gains can be similar to those of a monthly upcycle, because, usually Wave 5 upcycles are the strongest, in terms of gains seen per session.
Actually, GDX/HUI/XAU's Wave 1 monthly upcycle, that began in late October 2008, only lasted eight sessions, so, it was more of a short term upcycle in terms of length, see http://stockcharts.com/charts/gallery.html?gdx. The Wave 3 monthly upcycle lasted much longer (from late November 2008 until 1-2-09), which is usually the case, that Wave 3s tend to be larger and longer than Wave 1s, so, the structure makes sense.
Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.
.......http://www.JoeFRocks.com/
NEM XAU HUI
Labels: DUG, GDX, Gold, Gold Stocks, HUI, NDX, NEM, RUT, Silver, Silver Stocks, SPX, TAN, XAU, XOI, XOM
posted by Joe Ferrazzano at
12:30 PM
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