The reverse pattern shown looks like it will be useful for our purposes, most immediately tightly stopped bottom-fishing at the 47.31 midpoint Hidden Pivot support. If there were a pop through c=51.74 instead without first dipping to p, that would be quite bullish. However, more backing and filling will probably be needed before GDXJ is off and running again. As always, a decisive penetration of a ‘hidden’ support would imply the likelihood of further slippage to the next. That would be the secondary pivot at 45.09. Maximum downside over the next several weeks would be to the d target at 42.87. _______ UPDATE (Oct 8, 12:15 p.m. EDT): The downside penetration of p=47.31 this morning is decisive enough to imply more weakness to at least p2=45.09.
GDXJ – Junior Gold Miner ETF (Last:48.65)
