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MACD is crossed up
RSI is well below 50 and its EMA 50
AROON is and has been trend down
HUI is below thick resistance around 250
It has notable support at current levels
A higher low to 2008 is still in place
A trend is a trend until it is broken, and it is down on all time frames
A lot of people think TA sucks because a lot of TA’s try to baffle people with b/s, ascribing greater power to charting than it deserves. Still, it is a handy tool as it irrefutably gave warning signals on the bear market. Signals 1, 2 (which is when NFTRH went into full risk management mode as HUI lost 460 in November of 2012) and 3.
Dial ahead to today. A final and terrible drop may indeed come about. But here again I remind you not to take anyone with just a chart and an overly bullish or overly bearish thesis too seriously. It stimulates the greed and fear response and right now everyone in the gold sector is well gripped in fear. There is much more to any given narrative.
For reference on why charting in a vacuum in not good I trot out to you my one time 888 projection for HUI (I just love owning this one ) based on a pattern that was every bit as bullish as Mr. Fat Head is bearish. Just as I ask you now to take 100 for what it’s worth, I noted the same thing for the 3 Snowmen (888) back then. Targets are just targets/measurements, not directives.
http://www.gold-eagle.com/article/reacquainting-wmr-fat-head…aka-hui-monthly