Last week’s gap through p=62.17 all but ensures that the downtrend will achieve the 57.53 target. The good news is that the pattern is just opaque enough to deliver a tradable bounce from somewhere very close to d. It is also sufficiently compelling to make a move significantly below 57.53 unlikely, at least initially. GDXJ will have taken a month to get there, so even under the most bearish assumptions, it would need to hang out in an around ‘d’ for at least 4-7 days before breaking down.
GDXJ – Junior Gold Miner ETF (Last:61.04)
