GDXJ will need to surpass the two Himalayan peaks shown in the chart to cruise into thin air. The first lies at 51.92, the second at 55.79. What are the odds? I’m not treating such a rally as a foregone conclusion, and that’s why I’ve drawn a cautiously bullish ‘trading pattern’ toward the right-hand edge of the chart. It comes from a larger reverse pattern that has triggered theoretical short numerous times, each aborted at or near the midpoint support. We could use the one at 43.65 to bottom-fish if the opportunity arises, but it will need to be adjusted upward if this symbol goes above the so-far high at 50.36.
GDXJ – Junior Gold Miner ETF (Last:49.71)
