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The major upcycle's (since 5-16-05) Wave 5 (see latest 1 year charts, http://www.joefrocks.com/GoldStockCharts.html ) may have begun yesterday shortly after the XAU filled it's downside gap at 122.49 from 12-22. My gut tells me yesterday was the Wave 4 cycle low and that Wave 5 has begun, BUT that's my gut and NOT my system. I do NOT call cycle highs/lows but I do give opinions based on my great system. A 2% follow through buy signal is what Trade the Cycles uses for a Wave 5 minor intermediate term cycle buy signal.

HUI/NEM/XAU are probably heading for a test of yesterday's early cycle lows (in the next session or two) that might be the major upcycle's (since 5-16-05) Wave 4 cycle lows. HUI/NEM/XAU will put in higher cycle lows in the next few sessions if Wave 5 began yesterday and remember that many stocks cycles lag. See 5 day XAU chart: http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=off&z=m&q=b&p=&a=m26-12-9,p12,fs,w14&c= ....... http://www.JoeFRocks.com/