In 2009 the HUI went from (Jan 12, 2009 HUI at 274.81 so same starting point in April of 2009) 275.26, on Apr 13, 2009 all the way to 472.64 on Nov 16, 2009 with a total of 3 legit corrections during the move and a short term interim top at 398.06 on May 26, 2009.

In 2010 the HUI went from 392.92, Mar 25, 2010 all the way to 590.99 on Dec 5, 2010 with a short interim top at 533.53 on Oct 13, 2010 and a total of 4 legit corrections during the total move.

In 2011 the HUI went from 497.99 on Jan 25, 2011 all the way to 635.04 on Sept 8, 2011 with 4 legit corrections during this run-up.

My point is that the best HUI measured moves higher for 2012 may lie just ahead of us if the last 3 years data is any help. There was also a good spring rally in 2006 and 2007 showed a similar pattern to the 2009-2011 above patterns above. I didn't do anything with 2008 as it was the near world monetary collapse and totally useless for analysis.