Each market asset (oil, gold, stocks, bonds) runs on its own cycles and phasings. Gold and silver for example have made large cycle lows at different times, but the dominant 56 week cycle will tend to run in sync across the HUI, gold and silver. It is the larger cycles for these metals that are out of phase. For example gold will make its 9 year low late this year well before silver. Silver is due to make 9 and 18 year cycle lows late 2010 or early 2011.
Oil and energy in general work on different cycles altogether from other markets. So at times oil may seem to be moving together with equities for example, and at other times oil may seem to work against stocks. But nothing changes in terms of their cycles. Oil, gold, equities continue to move within respective cycles.
Hope that helps.
BTW, it is very likely that the HUI and gold have made a 14 week low here this week. They have now entered the last 14 week cycle of the current 56 week cycle I track. So sometime this fall we should see 14 and 56 week cycle lows that also will mark the 4.5 and 9 year Hurst cycle lows.
Hope you don't mind me picking you brain. Still holding my full position on oils from last Friday. Been a great week and I appreciate you taki9ng your time answering questions.