IMO, too many people try to impose their will on charts; make 'em say anything they want 'em to say. That is a mistake. Just as it is for a fundamental analyst to believe all of his or her own bullshit. These are stocks... and markets. You balance and manage risk, keep your head screwed on straight and just maybe you get out alive... or alive and prosperous. Maybe.
But to do this, you need perspective on all relevant time frames, including technically on this big guy here to the left. It is all well and good to state how screwed up (or great and bullish for that matter) things are over and over again, but what good is it if people are not trying to incorporate methods for using what is in play to their advantage? You end up getting gridlocked with fear, greed and whatever other stuff crops up from the overwhelmed psyche.
"For bigger picture perspective, a monthly chart of premier gold producers index HUI is attached.
Think of consolidation or downside events as fuel, in a similar way to the Gold 'Cups' shown in this week's letter provided bullish fuel for new up legs in the metal.