GDX and HUI climbed above their most recent old low on Friday, but HUI fell back below it well before the close. It ended up almost exactly on the bottom trend line of the eighteen month megaphone pattern. It is encouraging that it was able to get above the old low and the trend line for part of the day rather than just falling off the cliff it has been sitting on for eight days now, but it is still a bit below its last major bottom. A big gap up on Monday with a gradual decline to rest above the old low from eight days previous could be a buy set up tomorrow, but I'd rather see a decline to test Thursday's low followed by a rise on Tuesday or Wednesday for a better buy.
Once again, we are still on the edge and any buy could be risky, so I'm waiting for the proper set up.
QQQ made a small hammer Friday, but at 2.2% above the trendline is too risky for me. Perhaps both QQQ and GDX will decline into buys around Tuesday. That would be ideal for either one, but ideal rarely happens.
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