Ordinarily, the failure of a downtrend to achieve a ‘D’ target should be read as a sign of incipient strength. In this case, however, the gap-down opening after GDXJ head-faked above p=45.95 implies that the target remains likely to be reached, notwithstanding the robust bouncce that has occurred so far. The midpoint Hidden Pivot is a speculative place to try aa ‘mechanical’ short in any event, so be ready to buy puts there if overly enthusiastic buyers goose this vehicle in the early going after Monday.
GDXJ – Junior Gold Miner ETF (Last:44.43)
