Will GDXJ’s dip last week beneath the green line (x=35.58) generate another profitable ‘mechanical’ trade? This has already happened twice if you count the May 25 low at 38.79 that missed touching the green line by a relative smidgen. For purposes of bottom-fishing, however, we needn’t risk much, even if this vehicle is destined to fall beneath C=32.25 of the big, bullish pattern that promised to deliver 45.56 since March. It is a promise that we should no longer take too seriously, given this symbol’s punk performance since early April.
GDXJ – Junior Gold Miner ETF (Last:35.56)