Just a quick note to point out that while the HUI did momentarily exceed our 353 trigger point, it did not close above 353 and thus has failed to generate the buy signal that we are waiting for. As you can see in the chart, the HUI spiked on Wednesday 8/23, but our exact mark at 353 proved to be tough resistance and the HUI promptly bounced off and headed lower.
However, the good news is that although we have triple-topped around 353, an ascending triange is forming with the HUI posting consistently higher lows.
Action: Sit tight and wait for the HUI to close above the resistance at 353. After that, we expect a violent gap up, quickly testing the new resistance at 400. A bit of patience will be rewarded with a boatload of profits.