.......Wave 5 Short Term Upcycle Elliot Wave Count

The Wave 5 short term upcycle for HUI/XAU began yesterday shortly after the open, and, began last Wednesday at 42.09 for reliable lead indicator NEM. Wave 1 up of Wave 5 occurred yesterday for HUI/XAU, Wave 2 down occurred early today as expected, followed by Wave 3 up and Wave 4 down, and, Wave 5 began shortly before session's end (NEM is also in Wave 5), see http://finance.yahoo.com/q/ta?s=%5EHUI&t=5d&l=off&z=l&q=c&p=&a=m26-12-9,p12,fs,w14&c==. So, the Wave 5 short term upcycle and the monthly upcycle (since 10-4-06) for HUI/NEM/XAU will probably peak tomorrow, but, there could be another short term upcycle as the monthly upcycle rolls over/flattens out/peaks.

The NEM Lead Indicator was a modestly bullish +0.41% versus the XAU today.

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 (ended at 39.84 on Wednesday 10-4). NEM's Secular Bull Market/very long term upcycle trendline is currently at 40ish (see third 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