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The HUI is looking increasingly positive. The top chart shows that in Nov it broke below a short term rising support line (bearish) but it did not continue to fall much below it. Last night it broke back above it. Importantly it also broke the recent down trend line shown in the top chart. One day doesn’t prove a break so more confirmation is needed to gain confidence. The second chart also shows a break of the more rapid 2013 down trend and recently it has formed the first significant bullish saucer bottom pattern since the start of the correction. This one has formed over a two month period. The longer the period they take to form, the more important they are IMO so not sure how significant this one will turn out to be. Shorter term ones can fail. The most bullish ones form over longer periods like the three year saucer that formed the bottom of the 20 year gold bear market of 1980-2000 (third chart). Of course we can’t have a 3 year saucer bottom in a 2 or 3 year correction so any potential saucer for this correction would have to be measured in weeks or months not years.
The ABU chart shows a break of the 2012/2013 down trend in July last year followed by a heavy correction to retest the June low. A double bottom has now formed after ABU failed to follow many other Aussie gold stocks (and the HUI) down to new lows in Dec. Looking good for a move back above 3c and maybe a retest of the July 4c high before long.