Shoot first and ask questions later has worked best in managing risk on would-be gold stock bottoms. One day, this tack will not work because one day the bottom will be a real one.
For now, the reason parameters are set is because given the bearish nature of the daily and weekly charts, I am still operating under the ‘manage risk first, speculate second’ directive because it is a bear market and a downtrend until it does something to prove otherwise. Over sold status alone does not signal an end to a downtrend.
Technically, the HUI parameter of 325 (support) is for a daily close, so unless the index makes a recovery this afternoon, then it will have failed.
There is nothing new in this update, but I thought an up-to-the-minute visual could lend perspective for people concerned with the short-term. As noted in NFTRH 233, I am not pleased with the lack of follow through on this index to this point.