Since SKI usually doesn't catch exact bottoms but rather signals the change of trend let's check the daily chart of HUI.
If we go back all the way to Sept 2018 bottom and find fibo levels in regard to the Aug 2020 top we will find out that the Nov 2020 bottom fell in the 38.2% fibo zone, the March 2021 bottom fell in 50% fibo zone and that price is right now around 61.8% fibo zone. Fibo is $223.64 current price $224.92.
Current rPrice(200) stands at -18.97%. The lowest reading in the last 5 years was on Sep 2018 at -24.09%. If we reached the same level today that would be $210.07.
There is an open up gap from Apr 2020 at 211.37.
The support line drawn from the bottom of 2018 through the bottoms of June 2019 and March 2020 points to $200 as the long term support.
I'd say that there is strong support in $200-220 zone and that we should expect the low to materialize in this area. A quick drop below $200 would be a great opportunity to back up the truck.
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