You can be confident the bull market will reach the 74.87 target shown, given the way buyers speared p=66.14 on first contact. This target is slightly higher than the one given here previously because I’ve switched to a daily chart that uses a ‘marquee’ low at 49.33 as point ‘A’. This is justified by the power of the impulse leg, although we should still be alert to a possible stall at 74.11, the original target. More immediately, be ready to attempt a ‘mechanical’ buy at the red line (p=66.14) using a 63.23 stop-loss if the opportunity should arise.
GDXJ – Junior Gold Miner ETF (Last:69.00)
