The two highest probability wave counts for the HUI Index both indicate at least a near term decline in the price of gold stocks, both also indicate that gold should begin the largest bulk of its bull market within the next 24 months.
If the first scenario plays out (which in the context of a deflationary period is the most probable), the HUI will make a much lower-low than where it stands today. If the second scenario plays out, the HUI will make a lower low, but will resume a bull market much sooner, and start from a much higher point.
How long it will take to hit the top and resume the long term bear market is not entirely clear, however with more retail investors piling onto this rally every day, the safest bet is less time than more.
Have a great weekend!