There's An Elliot Wave A, B, C Pattern In Place

Since 1-31-06's Wave 3 minor int term cycle high, which is probably the Wave A short term downcycle's A, B, C pattern (see link, today's bar doesn't show), so it looks like Wave A will bottom in the next few days
http://finance.yahoo.com/q/ta?s=%5EXAU&t=3m&l=off&z=l&q=b&p=&a=m26-12-9,p12,fs,w14&c= An alternate much less likely scenario is that another huge down day or two occurs in the next few days and the major upcycle's (since 5-16-05) Wave 4 bottoms much sooner than the expected 4-10 weeks. It appears right now that Wave 4 will be closer to a 4 week than a 10 week correction, but 2 weeks is very unlikely unless another 15-20% decline occurs in the next few days, which would bring the XAU close to or even into the Wave 4 cycle low target range of 112-117. It's unlikely that the huge excesses of Wave 3 would be corrected in about two weeks time, and, it'll probably be better if the Wave 4 correction does last over 4 weeks in order to wring the bullish excesses out of the gold/silver stock market and to set it up for another great rally in Elliot Wave 5, where HUI is expected to hit 400-450, NEM 70-75, and the XAU is expected to hit 180-200. http://www.JoeFRocks.com/