Loading ...$HUI vs $XJY Weekly Charts
Correlation between these two is pretty clear. (I’ve never come across a convincing explanation for this relationship myself, if anyone
has one I’d be very interested to hear it. )
$XJY looks as though it wants to try for at least the SMA 200, which if the correlation between these two holds, is further reason why
the miners will likely continue to have a bounce from here.
The XJY formation appears to be rounding, it is not seen in the HUI but it looks like if it doesn’t break up soon there is a chance a swift downward move is in the cards. I see this formation develop in the smaller time frame charts frequently and more often than not they are bearish. Not trying to be negative but just saying.
I hear you, no problems about negativity whatsoever, different opinions are very important.
Above is just a piece of the puzzle for me with respect to the miners.