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.