Last week’s sturm und drang just above a 31.70 correction target that has been too long in coming was a challenge to watch. The target remains valid in theory and can be bottom-fished with confidence, but we may not be gifted with such a last-gasp move lower to clear the air. In fact, Friday’s gap-up rally created a promising impulse leg on the lesser charts, and so we should be prepared to begin the week with a bullish bias. Here’s the chart. Notice the look-to-the-left peak that qualifies the upthrust as even stronger than it appeared.
GDXJ – Junior Gold Miner ETF (Last:32.90)
