With just a couple of survivable downdrafts along the way, GDXJ has made steady progress toward the 35.99 rally target of the pattern shown. Price action at the midpoint strongly implies the target will be reached but provides no strong evidence that it will be exceeded, let alone easily. We’ll have to wait and see, but a a decisive upthrust would put this miner ETF on track for a likely test of early June’s peak at 42.19. _______ UPDATE (Aug 17, 11:26 p.m.): In theory, GDXJ would become a ‘mechanical’ buy if it touches the green line (x=30.66). The trade would probably be good for just a one-level move to p=32.44 or close to it, however, since I’m no longer optimistic that D=35.99 will be reached.
$GDXJ – Junior Gold Miner ETF (Last:33.67)