Miners Digging Deeper ($NEM)!
NEM has been analyzed as a proxy for this Sector.
Our April 2013 post, $GOLD through the Eyes of Miners ($NEM), while predicting a bottom for GOLD on April 15th, 2013 said that NEM should hit its closing high in August 2013, a retest (or possibly a higher in October 2013), and then the secular down cycle should resume from there.
So far we have
- We had a May 2013 closing high of 34.38 post the April 2013 bottom. Remember Cycles under study relate to monthly closes and hence the May close was above April 2013 close
- Post that, the expectation was that we see a higher close in August 2013 - but nonetheless the highest close since May 2013 has been in August 2013 at 31.77
- And now a final hit to topside, which I have reasons to believe per Cycles would take a peek above August 2013 closing high at >=32.61 and then the longer term decline into August 2014 should resume from there.
Based on EW, we have calculated a target of 14.00-15.17 for NEM by August 2014. Print of 35 on a DAILY CLOSE would mean something else is going on.