I will be the first to admit that I do not consider chart patterns to be nearly as important as support/resistance and trends in TA. Still, I am a sucker for these things and when I see one that turns me on, the geek in me gets excited.
Anyway, we first noted the bullish pattern (along with a bull flag on GDXJ) using this chart in an update (now public) on June 28 while waiting for the then existing target of 251 (which was based on longer-term charts) to be put in the books. We then assigned a new target based on this pattern, of 275 for HUI. That is a conservative measurement (because I am a conservative sort) and momo could drive it to 280 or even 290.
Well, Huey’s almost to 275. He’s also getting over bought and the sector risk vs. reward is not favorable in the short-term. But man, this is a bull market. Not based on this daily chart, but based on a bunch of indicators and longer-term charts we manage each week. This thing here? Pure panic buying momo.
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