The Gold/Silver Stock Market is Trying to Shake Out the Weak Money

There's been a plunge during part of each of the past three sessions, http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=b&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c= . NEM has been very scary again today hitting 46.30 vs it's short term cycle low at 46.09 just before the close on 11-30. NEM hit 46.22 in each of the prior two sessions. This monthly upcycle Elliot Wave 5 short term upcycle is getting off to a pancake start for NEM. All this corrective activity makes some sense given the prior monster Elliot Wave 3 short term upcycle that saw NEM rise about 9% in a little over one session.

The XAU Put/Call Ratio correctly pointed to some weakness today, falling to 0.60963 today from 0.61040 yesterday. XAU Implied Volatility reveals that a very sharp rise in fear occurred yesterday because it rose +3.55% to 30.480 yesterday from 29.435 on 12-2 vs and despite a +0.17% rise in the XAU yesterday which portends potentially substantial strength today as does the NEM Lead Indicator which was +0.61% vs the XAU yesterday and is about +0.25% today as I write this. Ciao