Four rising peaks on the weekly chart since April have created a wedge that will likely need more correcting before GDXJ can take out the 51.74 high recorded on 9/27. Use the Hidden Pivot midpoint support at 45.03 shown in the chart as a minimum objective for this pullback. You can buy aggressively there with a tightlystopped ‘reverse trigger’ if the opportunity arises, since the support is well located. A bigger picture projects as high as 72.23. The rally has stalled at p=49.02, but a monthly close above this ‘hidden’ resistance would be encouraging.
GDXJ – Junior Gold Miner ETF (Last:49.53)
