2-3 yr. bull market in the miners set to begin with weeks…
It’s quite possible the miners have already begun their ascent here, but in the very short run (this week and into next) I am expecting one last post-FOMC rugpull that could see the HUI at least match its August low. The key to a rally will be the HUI’s ability to pop above the 50 day moving average and making it stick.
The shorter the time frame of the call, the lower the accuracy, so take the above cautionary view with a grain of salt. For all I know today’s FOMC move sends the miners on their way to the moon. Either way, from a timing perspective we are extremely close.
And make no mistake, the 230 level on the HUI is a major level for multiple reasons, so if we do move significantly higher starting today–say to test the 250 level–I would expect a retest of the 230 level from above (which I would expect to happen sometime in October).
Good to see you optimistic Naut
Lets …Gooooo !
If we are below the 230 level on the HUI by the end of October, that optimism will quickly give way.
Even if we pop much higher here, say to 250, I am expecting the 230 level to get tested from above at least one more time.
We need to start seeing stair steps higher. I think this first year of the new bull will have nice pops, but the retracements, while achieving higher lows, will be large, IMO.
I’m posting the $HUI chart from the 2001 low to today. The trend line is 22 years long. Support is currently at $185-200. $HUI closed today at $228.72.