Last year we managed a ‘W’ bottom by first observing a cross up by weekly MACD and then confirming it with weekly TRIX, which moves slower. The TRIX triggered (black horizontal dotted line) just as the ‘W’ had finished forming. Very quick additional gains then came about and HUI blew out a little short of the measured target amid QE hype and relentlessly bearish Silver and Gold CoT data. R.I.P. Huey until recently.
This time HUI is in a different sort of bottoming pattern that looks more like an Inverted Head & Shoulders. Regardless, the MACD and TRIX signals are used the same way; MACD is triggered and now TRIX on the verge of confirming.
If the last few days’ corrective activity was all we are to get (we have been projecting quick downside reactions after all) the TRIX will trigger and add another bullish component in the quest for the measured target of 350 (ish).
So assuming that today is not some weird fake out TRIX is going to trigger and the technical situation will have improved yet again this week.