Immediate downside exposure on the weekly chart is to around 377.95, the Hidden Pivot midpoint of the pattern shown. If the target should be exceeded on a closing basis for two consecutive weeks, however, the implication would be bearish indeed, since the ‘D’ sibling of the target lies at 321.92. My gut feeling is that the midpoint will hold, and this hunch comes from the fact that HUI has already aborted one downtrend in the corrective cycle begun in mid-January. The turn higher came from well above the midpoint support as well, and it suggests a lack of conviction on the part of sellers.
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