This Barron’s mining index shows how choppy diagonal wave structures can get. I have to find a much larger historical chart as the 1940’s wave count is not clear enough.
I don’t believe we are anywhere near Supercycle or Grand Supercycle degree with this index but a Cycle degree wave 3 top for 2011 still fits very well.
The wave 4 bottom in 2008 overlapped my wave “1” in Intermediate degree which happens on a regular basis at all degree levels. BGMI does not get updated that much and I added it for a different perspective.
Gold stocks have been heading north and sooner or later BGMI will breakout above the 2016 high point.
Sooner or later gold-stock investors will have to ask the ugly question, “Are gold stocks in just another bear market rally?”. The HUI and GDX can fit into the BGMI wave count so we have to wait and see until all “5” waves in Minor degree have played out.