Bulls blew past a longstanding rally target at 78.28 last week with such brio that I’ve shifted my sights to a new objective at 86.41. GDXJ looks all but certain to get there, given that its ascent impaled p=75.16 on first contact. The pattern is somewhat unusual because of the subdivided A-B leg, but the midpoint Hidden Pivot (p) should prove reliable nonetheless for projecting an easy move to the corresponding ‘D target. Once the rally hits p2=80.78, a relapse to the red line, however unlikely in a move this strong, would trigger a ‘mechanical’ buy at p=75.16. The stop-loss would be at 71.41.
GDXJ – Junior Gold Miner ETF (Last:80.05)
