Monthly Upcycle Elliot Wave 4 Short Term Downcycle Appears To Still Be In Effect

NEM underperformed the XAU by -0.44% today, so NEM is probably leading to the downside, and, a short term cycle low appears likely early next week, probably occurring on Monday. NEM hit a monthly upcycle Elliot Wave 3 short term cycle high just after the open at 47.13, then put in a very short term cycle low at 45.84 just after 2.5 hours into the session.

Since short term downcycles typically last 1 to 3 days it's unlikely that 45.84 was a short term cycle low, since it would be a very brief 2.5 hour short term downcycle. Combined with the fact that NEM underperformed the XAU by -0.44% today, it's likely that HUI, NEM, and the XAU remain in short term downcycles. Ciao