The Gold Bugs Index did everything we asked of it and more yesterday, justifying the optimism we’d expressed at the outset of the move. Immediate upside potential is to 223.22, a Hidden Pivot, but HUI will need to get past its sibling midpoint at 203.74 first. Applying the same criteria we used in today’s analysis of the Gold Miners ETF (GDX) yields an upside target of 246.98, so we’ll make that our minimum expectation for the next 10-12 days. If it is to remain viable, minor-trend pullbacks should not exceed their ‘D’ targets — should in fact go no farther than their respective c-d midpoints.