The October 20 rally top at 35.36 failed to impulse above some peaks from mid-September, casting a shadow on the chart shown. This dour price action will likely have consigned GDXJ to a test of the midline of a channel that has contained this vehicle’s ups and downs for the last six months. However, since my outlook for gold and silver is bullish, I expect the midline to hold and to support a bounce that breaks out of the channel. My minimum upside objective thereafter would be 42.09, the ‘D’ Hidden Pivot target of a reverse pattern flagged here earlier.
GDXJ – Junior Gold Miner ETF (Last:34.42)