Inspired by gold’s ballistic move on Friday, I’ve used an ambitious reverse pattern to project a 42.09 rally target. It is clear and compelling, implying it will work not just for getting trend and targets precisely right, but enabling some profitable trades along the way. The red line (p=36.28) should produce a stall, possibly tradeable, since it closely coincides with a ‘voodoo’ resistance. Still less uncertain is that GDXJ will achieve the midline, a 7% move from here.
GDXJ – Junior Gold Miner ETF (Last:33.89)