......................Short Term Cycle Goes Parabolic

The second short term cycle high (Elliot Wave 3) of HUI/XAU's monthly upcycle since 10-20-05 (NEM's monthly upcycle since early November) appears likely by week's end and could occur today the way things are going. William's %R very near 0 is a sign for short term cycle traders to look to sell, since HUI, NEM, and the XAU are extremely overbought on a short term cycle basis.

NEM just hit it's Elliot Wave 2 short term cycle low yesterday, so, if NEM puts in a short term cycle high today, a day after a short term cycle low, that would be unusual, but that appears to be a definite possibility given it's dramatic spike move today. NEM is up a whopping +5.39% as I write this. When you see this type of move in NEM a cycle high usually isn't far behind. Keep in mind that one more and possibly two more higher short term cycle highs are likely in the current monthly upcycle after the short term cycle high that will probably occur by week's end. Buckle up!