NEM, Newmont Mining update

See our previous blog of April 27. Then we assumed the whole process was starting with a 1-2, 1-2. In this count we abstract from that. For the moment there is little difference in the outcome, first stop was expected at around $39. Here are the charts again;

nem jul 2012 bnem jul 2012 s

At today’s the stock is down 40% from the recent peak. There are two big picture counts with either a 5th wave from the lows in 2001/3, or a large B-wave that coincides with gold’s 10/11 year rise over the same time, from about 300 to 1900 an ounce, double the increase of this stock! Either way we should revisit the $15 level before all is said and done.