Another HUI micromanagement update.
HUI daily is losing the pattern neckline in-day. It can hold the breakdown or it can head fake reverse back upward. I does not matter to me at this point. I’d prefer a breakdown to finish cleaning the bugs out, but that is the market’s decision.
HUI weekly shows the situation as nothing worse than on track to our original target #2, which is the support area beginning at 260. However, the pattern’s measurement was added last week. I would think it would take a broad market breakdown of some kind to bring that on, but that’s just me thinking. So we have support and we have a measurement. Both are in play if the neckline breaks down.
Finally, the monthly chart checks in to advise that either way it looks like a significant buying opportunity is upcoming if the neckline above is lost. That is because this is a normal correction that started from a normal resistance point. The question is would it be from at or below 260 or down around the ‘higher low’ target of 170, which would require a scary loss of clear support?