The Precious Metals Sector Appears To Have Finally Peaked
The precious metals sector appears to have finally peaked in early December 2009 (GDX/HUI/XAU Wave 1 Major Intermediate Term Upcycle since late October 2008, of a Wave 3 Cyclical Bull Market (Wave 1 was from late 2000 to March 2008), see the XAU's very long term chart http://bit.ly/5YFS3P), after surprising to the upside (ascending channel, see second weekly chart at http://bit.ly/8SnXYy, bearish spike on weekly chart in early December 2009) for much of the year/2009.
The precious metals sector hasn't broken down yet and flashed a major sell signal (5% follow through after breaking below it's ascending channel), but, it's time to turn bearish/cautious as a trader of the sector.
Also, the US Dollar appears to have finally bottomed (Wave 2 Major Intermediate Term Downcycle since early 2009; the USD bottomed in early 2008), see the US Dollar's daily and weekly charts at http://bit.ly/7JIRd4, especially when looking at the second weekly view chart.
The precious metals sector, as usual, has done a great job of hedging against inflationary pressures since late 2008, but, it's time probably to turn cautious/bearish on the sector, as it probably does a corrective Elliott Wave 2 Major Intermediate Term Downcycle, of the Wave 3 Cyclical Bull Market since late October 2008 (started with a bang, in Wave 1 from late October 2008 until early December 2009, and, Wave 3s tend to dwarf Wave 1s, so, the Wave 3 Cyclical Bull Market should be a great one).
.......http://www.JoeFRocks.com/
NEM XAU HUI
The precious metals sector hasn't broken down yet and flashed a major sell signal (5% follow through after breaking below it's ascending channel), but, it's time to turn bearish/cautious as a trader of the sector.
Also, the US Dollar appears to have finally bottomed (Wave 2 Major Intermediate Term Downcycle since early 2009; the USD bottomed in early 2008), see the US Dollar's daily and weekly charts at http://bit.ly/7JIRd4, especially when looking at the second weekly view chart.
The precious metals sector, as usual, has done a great job of hedging against inflationary pressures since late 2008, but, it's time probably to turn cautious/bearish on the sector, as it probably does a corrective Elliott Wave 2 Major Intermediate Term Downcycle, of the Wave 3 Cyclical Bull Market since late October 2008 (started with a bang, in Wave 1 from late October 2008 until early December 2009, and, Wave 3s tend to dwarf Wave 1s, so, the Wave 3 Cyclical Bull Market should be a great one).
.......http://www.JoeFRocks.com/
NEM XAU HUI
posted by Joe Ferrazzano at
11:42 AM
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