I rarely reference the opinions of other gurus here, but I couldn’t help noticing that one seer whom I greatly respect, Steven Jon Kaplan, aka ‘The True Contrarian,’ is touting the Junior Gold Miner ETF at these levels. Hidden Pivot Analysis suggests, however, that this vehicle must fall a further 15.4%, to at least 19.46, before we think about buying it aggressively. If my colleague is going to be right, however, we needn’t be caught flat-footed by the bullish turn he expects from here, since one could not occur without telegraphing it explicitly via the creation of a bullish impulse leg on charts of hourly degree or less. On the ’30-minute,’ that would take a print today at 24.35, for example. If you are a Pivoteer who is interested in this vehicle, I would ask that you please notify me whenever a bullish impulse leg is generated on the hourly or the 30-minute. Together, we should be able to nail a very tradable low.
