HUI, Gold Stock Bull Market Review




The HUI has been on a dramatic rise since the early 2016 bottom, but we have to keep in mind that we can also be in a diagonal bull market. We may still have to go further before a correction sets in and the wave 1 I show, could turn to an “A” wave. Long skinny starts like we have, are more a sign of a diagonal, than some mythical extended wave 1 in a bull market.  The bear market decline works as a long triangle 4th wave, or a diagonal decline.

This I may have to adjust at a later date, but the key thing at present is for this market to keep going, even if we have gaps all the way up. When we get our next large decline, the public could get very bearish, but I focus on the pattern of this impending decline.  Any whiff of this decline being a correction, would send the HUI higher. Not until we see and feel the hype of a massive bullish crowd, will we get close to the end. 

From the “D” wave down to my “E” wave, is only one zigzag, with a leading small set of 5 waves, followed by a larger set of diagonal 5 waves. 

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