The rally from late September’s 25.80 bottom has provided no handholds for a ‘mechanical’ buy, at least not on the daily chart, although opportunities will continue to surface from time to time on the intraday charts. The minimum upside projection is 41.17, the D target of the pattern shown, and getting there should be considered a done deal once buyers have dealt with resistance at the secondary Hidden Pivot , p2=37.33. We don’t often initiate ‘mechanical’ buys at the red line, but it would be warranted in this case, given the unlikelihood of a two-level pullback to the green line.
GDXJ – Junior Gold Miner ETF (Last:37.22)