ok so nem drops to 55 at most then continues to go up as gold keeps going /me twirls finger in the air
Look at NEM's major upcycle (since 5-16-05) rising bottoms uptrend line the past 6 months and it could drop below 50 to the 46-48 range.
HUI, NEM, and the XAU should soon begin Elliot Wave 4 down for the major upcycle since 5-16-05. There should be a 15-20% correction = Elliot Wave 4 down which is severe. HUI/XAU's minor int term cycle lows on 10-20-05 were probably Elliot Wave 3 cycle lows at which point Elliot Wave 3 began and should soon end.
As long as Americans don't grasp that they should protect their remaining wealth with gold YOU SHOULD BUY GOLD!
HUI, NEM, and the XAU began Elliot Wave 4 down early on Tuesday, for the major upcycle since 5-16-05.
JoeF Rocks, You are trying to predict. The trend in gold stocks is strongly up. To make money it's far better to go with the main trend and protect positions with an intelligent stop rather than to speculate on a reversal of the trend.
studyandtrade, I have a system called "Trade the Cycles" that uses buy/sell signals based upon cycle trendlines breaking down or up, NOT predicting. Yesterday a 2% minor int term cycle sell signal occurred for HUI, NEM, and the XAU, which means that, IF you're trading minor intermediate term cycles (most shouldn't), you should be in cash now. I agree that most people should be investors not active traders.