...........Heading For A Test Of Friday's Lows

The NEM Lead Indicator is about -1.00% vs the XAU right now and it looks like a test of Friday's likely Wave 4 minor intermediate term cycle lows is coming today or tomorrow. NEM's cycle low on Friday at 46.60 was less than 1% below my Wave 4 cycle low target range of 47-49, while HUI's cycle low on Friday at 278.47 was well above my Wave 4 cycle low target range of 255-265, but the XAU's cycle low on Friday at 121.76 was near the top of my Wave 4 cycle low target range of 117-122. HUI's major upcycle (since 5-16-05) Wave 5, that should also be a Cyclical Bull Market cycle high for the first of three Cyclical Bull Markets (3 Elliot Wave upcycles and 2 downcycles/Cyclical Bear Markets) in this Secular gold/silver stock Bull Market that began in late 2000, should peak in the 400-450+ range. See latest charts: http://www.joefrocks.com/GoldStockCharts.html . XAU Implied Volatility rose +0.47% to 36.720 on Friday 3-10 from 36.550 on 3-9 versus a +2.03% rise in the XAU on 3-10, which is a sharp (2-2.99%) +2.50% rise in fear (+0.47% + +2.03% = +2.50%. The XAU wall of worry grew by +2.50%, therefore fear rose by +2.50%) that portends strength/an uptrend during part of Monday 3-13's session. The XAU Put/Call Ratio (March Expiration) fell a significant (0.50-1.99%) -1.43% today to 0.72150 from 0.73200 on Friday, which is a significant rise in complacency that portends some weakness today, and the recent collapse in the XAU Put/Call ratio from above 1.30000 on 2-17 (final February value) correctly suggested that a substantial decline would soon occur. The Fed has provided no credit so far today to index fund traders: http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE ...................... http://www.JoeFRocks.com/