The Gold Bugs Index has rallied 33 points after bottoming within less than a point of a 504.27 correction target flagged here earlier. Short-term, there is about 5% of additional upside based on a Hidden Pivot target at 566.77 that is shown in the chart. Although yesterday’s sharp rally was not impulsive on the hourly chart, bulls should take encouragement from the fact that HUI appears to be consolidating above the 535.92 midpoint pivot associated with the target. Although we don’t ordinarily trade this vehicle, I’ll note nonetheless that the series of four ‘external’ peaks that I’ve labeled looks promising for traders who want to leverage a bullish bet on a B-C pullback from anywhere in their midst. You can learn to do this stuff yourself. Click here for details concerning the upcoming Hidden Pivot Webinar, where you’ll learn enough in just six weeks to kiss your guru goodbye.
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HUI
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This impromptu session from Thursday morning runs a little more than an hour, touching on B of A, the E-mini S&Ps and Comex gold. But of greatest interest, perhaps, in the final 15 minutes, is a detailed (and bullish) look at the HUI Gold Bugs Index. My suggestion is to fast-forward to this segment (unless you’re interested in the real-time ‘camo’ portion related to other vehicles).
Poring over the weekly chart during yesterday’s impromptu session, we found evidence for optimism about the health of HUI’s long-term bull trend. For some very specific details about this, I would recommend viewing the last ten or so minutes of the recording posted below, Bullish Look at HUI Gold Bugs Index. The recording has been posted so that it is accessible not only to subscribers but also to those who follow commentary here casually. Besides the material concerning the HUI, the recording contains real-time analysis of the E-Mini S&P, Comex Gold and Apple (which, by the way, looks like it will continue to rampage for a long time to come). Click here to find out how you can become a ‘Pivoteer’.
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Hard as stocks and bullion got hit yesterday, there are outstanding targets well below these levels. Please note that there is bad news in today’s HUI forecast, since it implies a possible 15% fall from current levels.
From a Hidden Pivot perspective, yesterday’s thrust in this vehicle was more impressive than the one considered in today’s Silver Wheaton tout. Specifically, the Gold Bugs Index has already cleared an ‘internal’ peak — one of two that must be exceeded to create a robustly bullish impulse leg on the hourly chart. (The second lies at 568.69. See inset.) It’s a fly-or-die situation, since a failure to hurdle these peaks straightaway would leave HUI in technical Purgatory.
Downside to at least 479.62 appears likely, although any further slippage would augur 470.18. These Hidden Pivot supports are, respectively, the ‘p’ midpoint of the large pattern shown, and the ‘D’ target of the smaller one, and they are probably the best that bulls can hope for over the near term.
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