HUI Index Daily. Filled the 18/6 Gap. Tagged Support 200 sma. BB Percent Bandwidth at reversal levels.(negative) 50 retracement reached. 26.18 setup retracement at 241.31. Double Top pattern at 211.74.
Notice how Gold is moving inversely from HUI -priced in small cap miners ETF- since Jan 2013. My view is it pays at the time being to be in well financed, little debt small company stocks. Ratio currently at the lower boundary of possible megaphone pattern, right below of the non confirmed yet H&S's neckline. All eyes in yellow box, wick tail of June 16th...
HUI Gold Index Stocks. Weekly Log potential scenario. 28/5/2014 ( 15 ) ( some Chart lines and angles when clicked, appear out of place, compared with the picture version, probably was not saved timely, before publishing.. ) Support : 192 - 207 Level 1998 Channel ( Green ) 2/1 Gann angle ~ viewpoint scale Blue break-line channel potential IHS 164, 150, 130
Can you go long $GLD if we get a market pullback? Inverse correlation is repeating again
like 2013 Double bottom in place: up movement like 2012 with TP near 370$
Price Action: Yesterday HUI had a STRONG pullback from Fibo RL 61.8% (and new violet resistance line) at ! Risk Mgmt: Raised Stop Loss to entry level to eliminate loss. Correlation: Added Gold Trust for comparison: While GLD has like HUI broken above steep declining resistance line, it NEEDS to jump back above 9y support line as well, watch this closely...
The expected breakout from the falling wedge has finally happened! DMI turning around nicely... Added two new support lines.
DMI has not yet given a buy signal, but the same pattern like back in end of 2000 and end of 2008 establishes IMO. Fibo timeline is experimental (1 and 2 are tops, 3 is middle, 5 and - ideally - 8 are bottoms in the pitchfan).