Friday’s decisive breach of the 45.95 midpoint support of the reverse pattern shown implies the correction is likely to hit d=42.78 before it ends. GDXJ did run back up to p at the close, but the fact that it still settled below this Hidden Pivot can only be read as a negative. A retracement rally to x=47.53 would generate a textbook mechanical short, so don’t pass up the opportunity if it materializes. The ‘d’ target can be bottom-fished if and when GDXJ gets there, but the obviousness of the pattern, even though it’s a reverse, will work against a precise turn.
GDXJ – Junior Gold Miner ETF (Last:45.90)
