HUI is the unhedged gold-stock related index and it also never even came close to soaring past the 2016 highs. Many analysts were calling for the HUI or gold stocks to catch-up but they have done that at every major bullish run but has also failed each time.
Since this is just a potential 4th wave bear market rally. The HUI doesn’t have to make a deep historic low as double bottoms or even triple bottoms can happen.
Either way we need another zigzag decline in Minor degree (Blue) so that should get all the gold bulls excited again.
The majority were waiting for GDX to perform like gold itself, but GDX never even got out of the gate as we are still waiting.
GDX never cleared 2016 high while gold soared into the previous wave 2 which makes it a diagonal pattern.
Silver and much other gold-related ETF performed much less which makes all rallies fit a 4th wave bear market rally. Obviously, the public doesn’t know what an Elliott Wave bear market rally is, as they just use the standard 20% retracement description.
SLV is a prime example of how much difference is between GDL and SLV.
Even the Gold/Gdx ratio hasn’t changed that much at 53:1 and I want to see that number spread much more with 84:1 being on the cheap side of my ratio data base.
The bull market in T-Bonds started in early 1982 and is still going at this time. I would love to see T-Bonds break above 178 to help confirm that the bull market is not dead yet.
Worst case scenario we could slip into a triangle type. correction so that it can use up much more time.
Commercials are far from hold very bearish positions so my confidence in the bullish scenario remains.