Friday’s swoon tripped a theoretical sell signal at 63.68 that implies GDXJ will fall to at least p=61.55 in search of traction. Thereupon, and as always, a decisive breach of the midpoint support on first contact would imply more slippage is likely — in this case to p2 (59.23) or even d (56.91). As the current gold tout implies, however, numerous other outcomes are possible, the most bearish of which would be a decisive penetration of p on first contact. Regardless, this Hidden Pivot can be bottom-fished by scalperss with a tightly constructed ‘camo’ trigger. _______ UPDATE Apr 21, 11:12 a.m. EDT): So obsessively attentive was I to a recent, hair-trigger sell signal in Comex Gold and this vehicle that I didn’t think to mention the 72.23 rally target advertised here in the previous tout. It should underlie any forecasts, bullish or bearish, and must always be considered regardless of contrary warning signs.
GDXJ – Junior Gold Miner ETF (Last:64.87)
