...............Wave B Short Term Upcycle Lives!

NEM took out the previous high at 57.75 so Wave B lives. NEM just hit 58.00. I imagine that 95%+ of those involved in this market think the lows are already in. They're probably in for a big nasty surprise the next few weeks. Calling tops is a fool's game, the important thing is that yesterday's Wave B 1% short term cycle sell signal indicates that risk is too high to trade long from a short term cycle perspective, especially since a Wave 4 minor intermediate term downcycle is in effect since 1-31-06. An Elliot Wave 5 long term upcycle of the first cyclical Bull Market of the Secular gold/silver stock Bull Market/very long term upcycle since late 2000 is in effect since 5-10-04 for HUI/NEM/XAU, and, the parabolic part of the long term upcycle, a major intermediate term upcycle, has been in effect since 5-16-05, with it's Wave 4 minor intermediate term downcycle in effect since 1-31-06.

So, the cycles are Secular Bull Market/very long term upcycle, cyclical Bull Market, long term upcycle, major intermediate term upcycle, minor intermediate term upcycle, monthly upcycle, short term upcycle, and very short term upcycle. Each cycle is usually comprised of five Elliot Waves of the next shorter cycle. Each cycle is comprised of an up and down cycle of course, so really the complete cycles are very long term cycle (about 35 years up and down), cyclical cycle (about 7 years), long term cycle (about 2 years), major intermediate term cycle (about 6-12 months), minor intermediate term cycle (a few months), monthly cycle (1-2 months), short term cycle (2-3 weeks), and very short term cycle (a few days to a week). http://www.JoeFRocks.com/