GDXJ

$GDXJ – Junior Gold Miner ETF (Last:36.15)

– Posted in: Current Touts Free Rick's Picks

Last week's peak missed the 37.15 target of the pattern shown by 27 cents. This is but a minor concern at the moment, but the shortfall is sufficient to suggest bulls were either a little tired or less than true believers. Regardless, because it took more than four months for the pattern to play out, GDXJ is due for a breather of perhaps 8–12 days. If it lurches higher within the next few days, however, and closes above D=38.15 for two consecutive days, that would imply bulls are again ready to rumble,

GDXJ – Junior Gold Miner ETF (Last:37.04)

– Posted in: Current Touts Free Rick's Picks

Although the impulse leg in the conventional pattern shown was not very powerful, it was persistent enough that I'll give the bearish interpretation of this chart the benefit of the doubt. That means that GDXJ is on a 'mechanical'-short signal triggered on first contact with the green line.  That implies that GDXJ is more likely to fall to p=33.73 than continue its ascent toward C=39.82. Regardless, I doubt that sellers will be able to push it down to D=27.63. _______ UPDATE (Mar 20, 5:52 p.m.): Use the 42.10 target of this large reverse pattern as a minimum upside projection for now.  _______ UPDATE (Mar 21, 10:46 a.m.): I've flagged the 38.15 target of this reverse pattern on the weekly chart as a significant impediment and potential rally-stopper. It's worth shorting for a scalp, but my gut feeling is that it will give way, allowing further progress to the 42.10 target noted above.

GDXJ – Junior Gold Miner ETF (Last:35.93)

– Posted in: Current Touts Free Rick's Picks

It's hard to be cautious after last week's steep, powerful rally, but we should take heed nonetheless that GDXJ would trigger a 'mechanical' short at x=36.77. I am not suggesting this, since the set-up, with a weak but lengthy impulse leg, is hardly ideal. But we should monitor price action closely after it's hit, since that's why we use charts in the first place -- i.e., to stay objectively on top of the trend no matter what we might think.

GDXJ – Junior Gold Miner ETF (Last:34.78)

– Posted in: Current Touts Free Rick's Picks

Although my immediate outlook for gold futures is bullish, Friday's thrust in this vehicle looks like a fake. It would have gotten more boost if it had occurred from just beneath October's 30.46 bottom, and that is where I expect DaBoyz eventually to engineer an authentic turnaround. More immediately, GDXJ would become an appealing 'mechanical' short at either the red or green line. We'll pass up the opportunity but use these benchmarks nevertheless to gauge trend strength. _______ UPDATE (Mar 5, 6:35 p.m.): The bullish reversal from last Wednesday's low turned decisive with today's pop through an 'external peak at 35.25 recorded more than a month ago. It is still more bullish because the low failed to come down to p2=30.68.

GDXJ – Junior Gold Miner ETF (Last:32.43)

– Posted in: Current Touts Free Rick's Picks

By now, we've come to expect little of rallies in this vehicle, and so last week's so-far modest bounce off a secondary Hidden Pivot at 30.68 is unlikely to arouse much interest. It could run all the way up to the green line (x=36.77) and still be nothing more than a promising short. Thereafter, or perhaps before then, look for GDXJ to turn south, bound for the 27.63 target. The good news is that the pattern is a pretty one likely to produce a targeted low we can trust.

GDXJ – Junior Gold Miner ETF (Last:32.80)

– Posted in: Current Touts Rick's Picks

The pattern shown may not be pretty, but it is textbook-perfect for bottom-fishing. I hesitated to spotlight so promising a Hidden Pivot, since doing so is likely to impact its usefulness, but here it is anyway. The 32.05 low from October 10 could interfere, but possibly in a good way, since GDXJ would have to break down below it to actually set up a reverse=pattern buy. I will not mention this further in the chat room, nor even provide the target in this tout, but you can see for yourself where it lies, and you can use it to get long with risk very tightly managed.  A trigger interval of 21 cents looks about right for the job.

GDXJ – Junior Gold Miner ETF (Last:34.00)

– Posted in: Current Touts Free Rick's Picks

GDXJ has settled into a tiresome dirge comparable to gold's and looks vulnerable to a further fall to as low as D=31.62. First it will need to test the midpoint support at 33.44, which, because it closely coincides with some lows recorded in January, will take discernment to leverage. My suggestion is to use a 37-cent trigger interval to set up a 'buy' with equal potential.  As always, a decisive penetration of p=33.44 would portend more slippage to p2=32.53, at least.

GDXJ – Junior Gold Miner ETF (Last:34.13)

– Posted in: Current Touts Rick's Picks

GDXJ spent the week in an unpersuasive bounce from a voodoo number touched the previous week. An outside day on Wednesday that closed near the intraday low added to a mildly troubling picture, one that portends minimum downside over the near term to at least p=33.35 (see inset chart). Any slippage beneath that Hidden Pivot would of course open a path down to as low as 31.52. If we do any bottom-fishing, it should be at either p or p2=32.44.

GDXJ – Junior Gold Miner ETF (Last:33.61)

– Posted in: Current Touts Rick's Picks

This mudder was a hair shy of triggering a conventional 'buy' signal at the green line when last week ended. My gut feeling is that the signal will ultimately produce a profit with a move at least to the red line. Why should Mr Market be so kind to us?  Don't count on it. More likely is that although the futures will indeed reach the red line, this will occur on a gap through x=33.94 that leaves our bid choking on dust. Even so, we can always try to get aboard by outsmarting the s.o.b. _______ UPDATE (Jan 22, 11:12 p.m.): A gratuitous new low has brought the green line down to 33.92 and the red one to 34.53.

GDXJ – Junior Gold Miner ETF (Last:36.36)

– Posted in: Current Touts Free Rick's Picks

After triggering a conventional 'buy' signal at the end of 2022, this vehicle has gone nowhere as it continues to toy with the green line. If this were a Warner Brothers cartoon, Daffy Duck would stick a bottle rocket up GDXJ's posterior to get things going. Perhaps if we visualize this, something will happen. In the meantime, we'll have to accept the fact that GDXJ is bound to move less energetically than gold futures because, no matter how high bullion contracts go, someone will still have to labor mightily to dig gold out of the ground.