It has left the negative trend channel to the bottom, forming a new and tighter trend channel (red). But also this pattern has been broken.
And now the index has entered a diamond pattern, which is a reversal pattern.
As Gold and Silver also are signalling more strengt, it is possible that the HUI will have seen its low and we´re in front of a new rally.
The indicators and are also turning, confirming the possibility of a new and positive trend.
If the index breaks out the diamond pattern to the top the next aim should be the swing at ~ 160$, which is also the lower limit of the longer negative trend channel. This will be a stronger resistance and it has to be broken if Silver shall continue to rise.
EW: If this has been the low of the last move, it would be the turning point C of an ABC-correction wave.
This is no trading advice!