...........NEM Filled It's Downside Gap At 56.20

Created at today's open. The XAU will probably fill it's downside gap from today's open at 137.38 in the next session or two because the NEM Lead Indicator was a very bearish -1.11% vs the XAU today. Less than an hour after NEM filled it's upside gap from last Friday at 56.53 it hit an intraday cycle high at 57.36 that appears to be a short term cycle high. Often shortly after gaps get filled a cycle high or low will occur. The COT data clearly points to strength, most of which probably occurred this week because the data is three days old when released. A good thing to note is that it clearly hasn't indicated in recent weeks that a major/final cycle high may have occurred on 1-31-06, so, it's very likely that my Elliot Wave count is correct for the major upcycle since 5-16-05, and that it's Wave 5 lies ahead of us in which HUI should rise to 400-450 and maybe even higher. http://www.JoeFRocks.com/