Although the futures finished the week with no net gain, price action was encouraging relative to the 38.28 rally target flagged here last week. The pattern could be setting up for an enticing ‘mechanical’ buy at the green line (x=34.30), but we’ll need to be alert to other opportunities if the pullback doesn’t go that far. I’ll mention an even higher target at 38.73 if the one given above is penetrated decisively, especially the first time it’s hit. It is derived from sliding the point A low of the reverse pattern down to June 29’s 33.95 bottom. ______ UPDATE (Sep 6, 6:51 p.m.): This one is for advanced Pivoteers only, since GDXJ looks like hell. To bottom-fish, use a reverse-pattern trigger on the hourly chart, where a=35.71 on 8/31.
GDXJ – Junior Gold Miner ETF (Last:34.26)