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DUST - Metals And Miners: Downside Expectations Before Heading Up
Direxion Daily Gold Miners Index Bear 3X Shares
For investors who have been following along with the enormous opportunity for upside in the precious metals mining sector, the adage that comes to mind is “hurry up and wait.” This sector is notorious for swift directional moves followed by long consolidations. From January through August 2016 the HUI Goldbugs Index rose from 99 to 286, increasing 2.9 times in seven short months. Since August 2016 to present it has been in a massive consolidation, pulling back to as low as 134, and is presently at 157.
Most notably, from an Elliott Wave perspective, the