Updating the HUI symmetry plan, we see that this week’s candle is nearly perfect in its mirror image of the corresponding one from October. So all the miners need to do is finish out the week around current levels and our ‘picture analysis’ lives another week.
Also by weekly view, Royal Gold is thus far holding the anticipated support zone. Remember, RGLD always was going to test this support and now it is doing so and doing so thus far with success.
Franco Nevada is in the same boat.
Reasons to be bearish always come about in conjunction with corrections. That is the time that people with bearish views emerge to promote those views. The same thing works from the bullish side with the rallies.
But parameters are parameters and they do not care what smart guy ABC thinks on the bull side, nor smart guy XYZ on the bear side. They help tune out the know it all stuff. We do not know it all. In fact, we do not know anything. That is why we use tools, like the pictures above and parameters to plans.
As of now HUI is holding to our ‘picture’ plan for a bottoming process and like gamblers do at the casino, NFTRH analysis is going to ride this as long as it holds up while using other analytical angles to view the situation going forward.