We’re using a 48.55 rally target while acknowledging that this correction could come down to as low as 35.77 first (weekly chart, a=39,82 on 12/22/23). More weakness would trigger a somewhat risky ‘mechanical’ buy at 39.51, predicated on a stop-loss at 36.49. I am not recommending the trade if it ripens this week, however, since the pullback would be too steep to offer goods odds for a durable reversal, even if it winds up delivering a one-level pop. Please note that a further fall to x=34.98, however unlikely and regardless of how soon it occurs, would set up a ‘mechanical’ buy that we should not pass up.
GDXJ – Junior Gold Miner ETF (Last:42.19)