• 526 days Will The ECB Continue To Hike Rates?
  • 526 days Forbes: Aramco Remains Largest Company In The Middle East
  • 528 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 928 days Could Crypto Overtake Traditional Investment?
  • 933 days Americans Still Quitting Jobs At Record Pace
  • 935 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 938 days Is The Dollar Too Strong?
  • 938 days Big Tech Disappoints Investors on Earnings Calls
  • 939 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 941 days China Is Quietly Trying To Distance Itself From Russia
  • 941 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 945 days Crypto Investors Won Big In 2021
  • 945 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 946 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 948 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 949 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 952 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 953 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 953 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 955 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Miners - Ready to Rock' n Roll?

  1. As mentioned here on Jan 4th: (http://tinyurl.com/aazqe6n) on the very important consideration in looking at HUI's long-term trend on Fibonacci retracement levels, prices tested its 38.2% retracement around 398 level once in the past week and managed to close above it at about 400 level on the weekly chart.

  2. Indeed, let me emphasize here, assuming this bull-trend since 2000 is to stay for coming months or years, the 38.2% or about 1/3 correction should suffice and ready the bull to roam again!

  3. Under most normal circumstances, strong bull-trend should correct only 1/3 while a less strong bull-trend should correct not more than 2/3 of their respective yearly uptrend without breaking the trend-line.

  4. As mentioned before, since HUI's support sits solidly at 350 versus its 50% Fibo. level at 329, in the worst case scenario, we should not see a correction go pass 350 if this bull trend were to stay alive.

  5. In other words, if HUI finally bottoms at its 38.2% Fibo., this multi-year bull should be considered as a STRONG BULL in any case with more surprises to come!

  6. In conclusion: i think we are right at the "capitulation process" of HUI already and price action in coming days should be rather important and interesting to say the least!


HUI - Multi-year bull trend in Fibonacci consideration (dated Jan 3rd. 2012)

HUI Index Since 1994


HUI (weekly) - Put in a credible "doji" that signal a reversal is on the card

HUI Weekly


HUI (daily) - tested last August's low and put in a small hammer

HUI Daily

 

Back to homepage

Leave a comment

Leave a comment