Luettis
Long

HUI in reversal pattern

NYSE:HUI   AMEX GOLD BUGS INDEX
Following the negative trend in Gold the HUI index has lost 27% within 2 months approx.

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 RSI and MACD 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 trend line 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!


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