HUI Gold Bugs Index
Here is the updated daily view of HUI…
HUI is making an attempt to get back into the flag and above the moving averages. MACD is triggered up. With the engulfing candle already having resulted in the expected down day on Friday, there is only one technical issue left by my eye, and it is this flag.
If HUI can neuter that flag by getting above the SMA 50 with some volume entering the ETFs and individual stocks, the weekly Symmetry (bullish) view is going to take over again.
As you can see it remains not only unbroken, but well on plan for a rise to a green point 3. If the flag is neutered, this becomes the primary operating plan once again.
I thought that maybe Monday would start down and reverse or possibly Tuesday would be bounce day. Some happy consumer news seems to have spurred the bounce. If this lasts, the next step is to gauge what happens generally as indexes come back to or toward their 50 day MA and daily support breakdowns.
It is a bounce only until it clears those things.