Like gold futures, GDXJ has breached the midpoint support of a reverse pattern of daily-chart degree. This implies it has farther to fall, presumably to at least p2=51.81, but possibly to d=50.55. Since it could find traction in either place, tightly stopped bottom-fishing is advised, especially if you trade this vehicle actively. Alternatively, a rally to x=54.32 would trigger a ‘mechanical’ signal to get short. It would be more appealing than the one I mentioned in the futures, but the trade should be tied to a tight stop.
GDXJ – Junior Gold Miner ETF (Last:52.87)
