Last week’s sharp reversal laid waste to a bearish target I’d proffered at 53.51. The switch to a conventional pattern shows there is now upside potential to as high as 74.11 over the next 2-3 weeks. More immediately, buyers will need to get past the 65.78 midpoint resistance shown in the chart to become an odds-on bet for a run-up to the target. Once achieved on a closing basis for two consecutive bars, you can use p2=69.95 as a minimum objective. A one-level pullback should be regarded as an opportunity to get long. _______ UPDATE (Jun 2, 11:58 p.m. EDT): The week has opened with a powerful short squeeze that sent this vehicle soaring to a so-far top just 19 cents shy of my minimum upside objective at 69.95. Now, a two-day close above it will all but clinch a finishing stoke to the 74.11 target.
GDXJ – Junior Gold Miner ETF (Last:69.37)
