GDXJ has failed to get loft since triggering a mechanical buy more than a week ago. We are not supposed to feel comfortable when this type of trade is signaled, since it usually implies that the vehicle’s C-D leg has been reversed precipitously. That is true here, with a dip below the green line that came close enough to the ‘C’ low to make us anxious. My immediate outlook for bullion is bullish, however, and GDXJ should follow gold higher if the latter continues to rally as expected. It will not be out of the woods, though, until such time as it exceeds the 45.51 ‘external’ high recorded on June 6.