If we zoom out on the HUI chart all the way back to the 2018 low, the whole move since the Aug 2020 high looks like a 50% Fibonacci correction. Every time during this correction when the price tried to break out of the downtrend channel it was immediately pushed back into the channel. For the last month, a megaphone pattern is developing on the channel's upper boundary, indicating that we might be short term bottoming before we run into the resistance again, which stands at $280-290. After that, if the price cannot break out of the downtrend, a possible target for another leg down would be around $210-220 (61.8% Fibo), probably in October. I'd be a short term buyer here but would unload at $280.
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