Unlike silver futures, GDXJ has a little farther to go to complete the corrective pattern from the 49.11 high recorded on July 16. An overshoot would raise the possibility of a further correction into the range 40-41, where some important lows were recorded over the last three months. We’ll be on edge if this scenario should come to pass, since a breach of the lows would portend additional slippage to around 36, or even to 32. _______ UPDATE (Aug 6, 10:35 a.m.): The week opened with a plunge down to 40.26, squarely within the predicted range. However, the breach of d=42.78 on the way down suggests that more weakness and a test of the low lies ahead. It would take a thrust exceeding July 31’s external peak at 46.32 to put bulls back in charge.