NEM Lead Indicator = Bullish +0.28% Versus The XAU Today

The anemic monthly upcycle since 7-24 appears to have peaked, which, if so, means that the minor intermediate term upcycle since 6-13 has peaked (and really was a monthly upcycle not a minor intermediate term upcycle), and, actually peaked on July 12, since July 12's monthly cycle high for HUI/XAU exceeded those in the latest monthly upcycle. It appears that Wave C down of the Cyclical Bear Market's Wave A down may have begun on 7-12, and, may be doing an Elliot Wave ABC down up down pattern, with Wave C occurring now. If so then this is Wave C of Wave C for the Cyclical Bear Market's Wave A down and the next week or two should be brutal. What can you say but buckle up!

An anemic monthly upcycle jives with Wave C of Wave A down of the Cyclical Bear Market since 5-11-06 being in effect, so it makes sense. The gold COT data is clearly bearish with the gold Commercial Traders trading net short and the contrarian Speculators trading net long, see http://www.cftc.gov/dea/options/deacmxsof.htm.

For recent action see http://finance.yahoo.com/q/ta?s=%5Exau&t=5d&l=off&z=l&q=b&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. ....... http://www.JoeFRocks.com/