Upside Gaps Filled and Elliot Wave

HUI, NEM, and the XAU filled the upside gaps created at the open, and, are taking a dive now, which isn't surprising given Friday's spike move and that NEM underperformed the XAU by a very wide margin of -1.08% on Friday 11-11.

NEM's very short term upcycle that began on Friday 11-11 did an Elliot Wave 1, 2, 3, 4, 5 upcycle on 11-11 and is doing an A, B, C correction early today. NEM is trying to put in a very short term cycle low as I write this. Once a very short term cycle low occurs the strength indicated by the XAU Put/Call Ratio and XAU Implied Volatility should "kick in." See the next discussion for today's indications.