The rally begun in late December appears to be faltering, since the last two upthrusts failed to exceed some important ‘external’ peaks.  In healthy bull markets this is what we should expect, and it was in fact a feature of GDXJ’s rally until two weeks ago. On January 13, however, the culmination of a three-day upthrust produced a high at 29.63 that failed by 16 cents to exceed mid-November’s 29.78 peak. The stock subsequently pulled back for a day to get some running room, and although the rally that ensued was good for a 15% gain, at its high it failed by a whopping 25 cents to surpass an ‘external’ high at 30.98 recorded on October 28.  This is timid action at best, and it implies that bulls will either have to pick up the pace or take the path of least resistance and head lower. Most immediately, to get back into gear buyers would need to generate an explosive impulse leg exceeding early October’s 34.82 peak. Were that to occur, it would be persuasive on the matter of whether the rally is for real or just a flash-in-the-pan.  More immediately, GDXJ looks like it will correct down to at least 26.24, a Hidden Pivot support (15-min, a=30.14 on 1/22)  that can be bottom-fished with a stop-loss as tight as a nickel. _______ UPDATE (Feb 2, 10:14 p.m.): The correction overshot the 26.24 target by 29 cents — not much, but enough to suggest that more weakness impends. The picture would brighten, however, if buyers can pop this vehicle above 29.00 on Tuesday. _______ UPDATE (Feb 3, 11:10 p.m.): GDXJ is struggling to hold above a 26.46 midpoint support, but if it’s breached, we should brace for more downside to 24.68. _______ UPDATE (Feb 5, 11:15 p.m.): Thursday’s high generated a bullish impulse leg on the hourly chart by exceeding Monday’s 28.23 peak. This is mildly encouraging, but it would be still moreso if there’s a follow-through today exceeding 29.00. _______ UPDATE (Feb 9, 12:52 a.m.): GDXJ continues to play toe-sies with the 26.46 pivot noted above. A decisive breach would imply more slippage to 24.68, as noted earlier.