After lightly kissing the 49.02 midpoint resistance of a conventional ABCD pattern projecting to as high as 72.23, GDXJ has lapsed into a retrenchment that threatens to become a prolonged affair before the uptrend can resume in earnest. Such a correction would trigger a ‘mechanical’ buy signal at the green line. However, with the A-B impulse leg more than four years distant, the likelihood of quick gratification would be slim. My gut feeling is that GDXJ will be ‘just a trade’ for the foreseeable future, albeit within the context of a bull market designed to test the patience of even the most ardent bulls.
GDXJ – Junior Gold Miner ETF (Last:42.62)
