In the last week of December 2016 gold stocks, ETFs and this HUI index seemed to have created a violent and speedy reversal. This is a good thing, as chances are good there is more to come in the next 5-6 months. You can find a more detailed posting on my new blog Gold Stocks HUI Bull Market Review | ElliottWave5.Com.
If the "B" wave bottom in Minor degree is real then the HUI should have no problem clearing or retracing the mid 2016 top. The longer bulls wait to jump back into the game, the more of the gains will be left on the table. We all know who was scooping up those fire sale gold stocks, as Steven Jon Kaplan has made it pretty clear via his Twitter account and newsletters.
I would say that we have a very high probability "C" wave bull market in Minor degree, and these "C" waves can make some pretty dramatic moves to the upside once they start to peak out. I will not turn bearish until the majority becomes bullish on gold stocks again.
I wish all readers the best for the 2017 year, and as of today Elliottwave5.com is experiencing the most pages read in one month since I have been blogging. We should finish 2016 with well over 25,000 pages read. I thank all my readers in making this happen.
Updated February, 10, 2017
I thought I would insert a link to my February 6th HUI review, as most readers have been ignoring it.