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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.
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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!
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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.
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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.
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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!
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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 (weekly) - Put in a credible "doji" that signal a reversal is on the card
HUI (daily) - tested last August's low and put in a small hammer