Reliable Lead Indicator NEM Appears To Be Doing An Elliot Wave ABC Down Up Down Pattern En Route To Filling Today's Downside Gap At 45.27

Reliable lead indicator NEM appears to be doing an Elliot Wave ABC down up down pattern en route to filling today's downside gap at 45.27 probably early tomorrow, 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=. So, NEM's large gap up at the open to 46.25 from 45.27 probably isn't a major breakout with big implications for HUI/XAU as discussed earlier, but, lets see what happens tomorrow. Either way reliable lead indicator NEM acting well since starting a 5 yearish Wave 3 Cyclical Bull Market at 39.84 on 10-4-06 is a great sign for the precious metals sector.

The NEM Lead Indicator was a very bullish +1.17% versus the XAU today, but, it turned very bearish at session's end, which portends weakness early tomorrow, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=1d&l=off&z=m&q=l&p=&a=&c=%5Ehui,nem.

The monthly cycle since 10-4-06 is probably the start of the 3-6 monthish Wave B up of HUI/XAU's Wave 2 Cyclical Bear Market since 5-11-06, see the first chart at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 4 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .

HUI NEM XAU