In reviewing the second of the two HUI weekly charts of the previous update, I want to blow the view up and illustrate the symmetry between the current ‘down from neckline’ vs. the previous ‘up to neckline’.
Specifically, take note of the big white and red candles that made the earlier touch point of the neckline vs. the big white and red that made the recent touch point. They are shaded. The symmetry is in their opposites, as they would be for their opposite functions. The first one led out of the first shoulder into the depths of the correction (and bottom) and the second one capped the rise out of the bottom, leading into the theoretical right side shoulder.
Now HUI is making the symmetry of 2 red candles declining from the neckline where previously it made 2 white candles thrusting up to it (forming the first point).
With the upward sloping theoretical neckline we’d want to see an equal or higher low to the October low. That would mean above 210. There is a daily chart gap at 218.
This update mentions nothing of macro fundamentals, which we will evaluate consistently going forward. If I were to go by straight technicals however, I’d be looking for 215-218 to hold as support to find a bottom. At least if symmetry is in play here.
