• 3 hours The EU Begins Backtracking On China Trade
  • 1 day Americans Are Sick Of Unfair Taxation
  • 3 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 5 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 6 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 7 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 9 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 10 days The New Economic World Order After Covid-19
  • 14 days 3 Signals To Watch For A Stock Market Correction
  • 16 days Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 17 days Wall Street Banks Are Back
  • 17 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 18 days Which Country Is The World’s Largest Investor In Batteries?
  • 20 days Are Bitcoin’s Environmental Risks Overblown?
  • 20 days Why The Gold Rush Ran Out Of Steam
  • 23 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 23 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 24 days The Pandemic Has Culled The Middle Class
  • 25 days Legacy Automakers See Massive Spike In Sales
  • 26 days Tesla's Biggest Competitor Is Going Cobalt-Free
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  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