The NEM Lead Indicator Is "Off The Charts" Bullish Short Term

The NEM Lead Indicator is "off the charts" bullish short term, see http://finance.yahoo.com/q/ta?s=%5EXAU&t=5d&l=on&z=m&q=l&p=&a=&c=%5Ehui,nem, and, NEM created a bullish breakaway gap at 46.95 late last week, see http://finance.yahoo.com/q/ta?s=nem&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c, so, this early strength isn't that surprising.

Based on NEM's Elliott Wave count discussed below, plus GDX/HUI/XAU/GLD's discussed in recent posts, I'm still looking to/might short NEM or GDX today. Today 7-28's intraday NEM Lead Indicator should turn clearly bearish, see http://finance.yahoo.com/q/ta?s=^XAU&t=1d&l=on&z=m&q=l&p=&a=&c=^hui,nem.

NEM is probably (but, NEM created a bullish breakaway gap at 46.95 late last week and the NEM Lead Indicator is "off the charts" bullish short term) in a countertrend Wave B of Wave C of Wave C of the Wave 2 minor intermediate term downcycle since early July (53.77 cycle high), see http://stockcharts.com/charts/gallery.html?nem.

NEM might also be in Wave B of Wave C not Wave B of Wave C of Wave C. This might be the correct count, because GDX/HUI/XAU might have entered a short term Wave B upcycle. I need to look at GDX/HUI/XAU's charts and NEM's chart and put more thought into it.

.......http://www.JoeFRocks.com/

NEM XAU HUI