Discontinuation of anti-aromatses such as anastrozole, causes the aromatase enzyme to up-regulate. There are studies showing this for almost all the anti-aromatase type ancilliaries. Exemestane is the only exception. Then what happens when your cycle ends is that your endo test which is:
Tesoterone produced - testosterone lost due to the peripheral conversion of your testosterone to estrogen via the aromatase enzyme.
Is going to be lower because the aromatase enzyme has up-regulated, therfore more endogeneously produced testosterone is converted to estrogen via the aromatase enzyme.
Novaldex on the other hand has no impact on the aromatase enzyme since it doesn't affect it. What tamoxifen does is simply attach itself to the ER's, not letting the far more powerful estrogen do the same. You have to remember that Tamoxifen is a weak estrogen. So what ends up happenning is that your estrogen levels remain unchanged, take into account that the tamoxifen is only not letting the estrogen bind to the ER's. However, since you're most likely on test or a compound that aromatizes into esrogen, you're going to have supraphysiological levels of estrogen floating around your blood stream, however they are unable to exert any effects because the ER's are already taken up by the tamoxifen.
In short:
W/ Novaldex: You have endo estrogen + estrogen produced by the aromatse enzyme by the AAS you're using(Lets use test as an example), floating around your bloodstream.
Upon cessation of the AAS, your body will take a few weeks to get back to estrogenic homeostasis.....that's the reason why Novaldex should ALWAYS be used post-cycle. This , in order to give the body the chance to reach estrogenic homeostasis(Your pre-cycle levels).