NEM Is Putting in an Elliot Wave 2 Short Term Cycle Low

NEM, which didn't hit a monthly cycle low until early November due to the the Placer Dome bid by Barrick, is actually in a Wave 2 short term downcycle of it's monthly upcycle, and, is trying to put in a short term cycle low today, not a very short term cycle low as I said earlier. So, the fact that NEM is lagging HUI/XAU, which hit monthly cycle lows on 10-20-05, is complicating things some. Once NEM bottoms HUI, NEM, and the XAU will all be in Wave 3 and will probably hit a short term cycle high this week or early next week. Ciao.