The chart is a little busy. There are two SHS patterns – the first sitting on the black dotted line that has a price projection (PO) to the 62% fib area at 170 ish, the second SHS rests on the blue dotted line and has a PO down to 130 ish. What is interesting is that the miners seem to have stalled in their decline, refusing to follow gold lower (so far) – similar to what happened in May of this year (green boxes) Support for HUI presently is at 62% fib, the 400 DMA, and the apex of the diamond pattern from March of this year.

It is madness to suggest the miners could rally from this point, what with gold seemingly in an impulse move toward a double bottom at least, the dollar breaking out of a humongous bull flag, the EURO headed for oblivion, and don’t forget the miners 50/200 DMA bear cross. There is that large SHS pattern confronting us too, the one sitting on the blue dotted line. That is the death knell, sighed, sealed, and awaiting delivery. The money printers, it seems, have won.
And yet, and yet…

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Disclosure: I have been nibbling at the miners these last few days. Therefore I am long the PMs. I am a long, long mad man. (sigh)