The Monthly Upcycle's (Since 3-10) Wave 1 Is Peaking

and NEM and the XAU have downside gaps at 49.68 and 130.25 created at today's open that will probably be filled today. The spike open by HUI/NEM/XAU appears to have been the monthly upcycle's Wave 1 peaking. The major upcycle's (since 5-16-05) Wave 5 2% follow through minor intermediate term cycle buy signal occurred yesterday, so Wave 5 began on 3-10-06.

The NEM Lead Indicator is a bearish -0.60% vs the XAU right now. 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 +0.83% to 37.600 on Tuesday 3-14 from 37.290 on Monday 3-13 versus a +1.96% rise in the XAU on 3-14, which is a sharp (2-2.99%) +2.79% rise in fear (+0.83% + +1.96% = +2.79%. The XAU wall of worry grew by +2.79%, therefore fear rose by +2.79%) that portends strength/an uptrend during part of Wednesday 3-15's session. The XAU Put/Call Ratio (March Expiration) rose a sharp (2-2.99%) +2.98% today to 0.74142 from 0.71994 on Tuesday, which is a sharp rise in fear that portends some strength today. The Fed provided no credit to index fund traders on Monday (rare), provided a relatively modest $6.25 Billion 1 day Repo yesterday, and a large $9.75 Billion 1 day Repo today: http://www.newyorkfed.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE ...................... http://www.JoeFRocks.com/