We should like to see each new rally leg exceed at least two prior peaks, since, from a Hidden Pivot perspective, that is what refreshes and revitalizes the bullish trend. However, the Gold Bugs Index failed to do this in mid-February and is paying the price. Notice how the 327.84 high on February 17 fell just shy of a minor high at 330.50 recorded in October. This was a warning sign that was to become increasingly shrill since, but we’ll be better able to judge its seriousness if and when HUI interacts with a Hidden Pivot at 249.04, our minimum downside objective for now. Its sibling midpoint at 272.81 has already been breached, implying that the target itself will be achieved. Please note that a pop to 296.60 over the next week or so would annul the bearish decree, since it would create a robustly bullish impulse leg on the hourly chart. _______ UDPATE: HUI moved higher with bullion today. So that we can be confident the rally is the real McCoy, let’s set the bar at 301.40, since a print at that price would turn the hourly chart decisively bullish.