"...It looks as if the Gold Bugs Index ($HUI) is going to get caught in the downdraft of the general equity market slide now underway. There is a difference between Gold stocks and Gold the metal.
The Bearish Head & Shoulders pattern was confirmed this week, increasing the odds that more downside is coming, with a minimum downside target driving prices to as low as 152ish. Interestingly, should Minor degree C end up equal to Minor degree A, that would suggest a bottom of 154, very near the H&S target."
