Goldtent TA Paradise

Mining shares WTF?

1. Nautilus says:

   February 13, 2024 - 1:50 pm at 1:50 pm

   The more I look at it, the magnitude of the bear market from 2012 to 2016 sort of set us up for this type of very long term basing action.

   Specifically, take a look at the very long term MAs on the weekly HUI chart–400, 500 and 600 WMAs.

   The 600 WMA is still declining and I don’t think the miners are going to really do much until the 500 WMA finally crosses above the 600 WMA, which will mean the 600 WMA has finally flattened out after over a decade in decline. That isn’t set to happen until late 2024.

   So while the absolute low in the HUI isn’t probably too far away in time (my expectation is that the 2022 low at 172 will hold), I suspect it will chop around until late 2024 and even possibly early 2025–basically I do not think the recent December 2023 high at 250 will be taken out until very late this year, at best.

2. Plunger says:

   February 13, 2024 - 6:15 pm at 6:15 pm

   I suspect you are correct. So much technical damage now it will take time to rebuild a based strong enough to support a decent move.