GDXJ likely has further to fall, since it has been routinely exceeding the d targets of minor ABC patterns. It will have a chance to turn from 42.52, the midpoint Hidden Pivot support, on the weekly chart, of a=51.92 (4-22-22). That will be an opportune spot to attempt bottom-fishing, although the precisely coincident low at 42.51 recorded in early September will make the trade tricky to execute. If it gets stopped out, expect more slippage to 37.18, where you can back up the truck and load it. That is the green line of the big pattern shown in the chart, and it is as pretty a place for ‘mechanical’ buying as you will find.
GDXJ – Junior Gold Miner ETF (Last:45.11)
