.....................NEM Short Term Elliot Wave

Reliable lead indicator NEM hit a short term cycle high at 43.75 just after yesterday's open, then did a Wave A down to 42.67 (see http://finance.yahoo.com/q/ta?s=nem&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==), followed by a Wave B up and a close at 43.57 yesterday, and, Wave C down began today, which means that NEM should take out Wave A's cycle low at 42.67, which appears likely now, but probably won't take out last Friday's downside gap at 41.83, because that gap appears to be a breakaway gap. NEM appears to be leading as usual, right now to the downside. The XAU's downside gap at 125.39 appears to be a breakaway gap that won't get filled short term also.

The XAU and HUI have been in a Wave 2 Cyclical Bear Market since 5-11-06 (but began the bullish 3-6 month Wave B up on 10-4-06) and reliable lead indicator NEM was (until 10-4-06) in a Wave 2 Cyclical Bear Market since 1-31-06 (probably ended at 39.84 on Wednesday 10-4). NEM's Secular Bull Market/very long term upcycle trendline is currently at 40ish (see second chart at http://www.joefrocks.com/GoldStockCharts.html). 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/

HUI NEM XAU