HUI – Gold Bugs Index (Last:341.92)

a-small-thrust-in-huiA key rally target that has been four months in coming lies just above, at 361.53 If this number is achieved, slightly exceeding a very important peak at 359.79 recorded last September, that would be the most bullish price action we’ve seen on the daily chart since December. That is when HUI created the impulse leg for which 361.53 was to become the ‘D’ target.  The target itself is both clear andcompelling, so any progress above it, especially on a closing basis, and most especially within a day or two of its first being achieved, would suggest that bulls are just starting to warm up.