The bad guys appear to be having a devil of a time trying to push this vehicle below a 52.04 midpoint support associated with a downside target at 46.15. Assuming they will fail miserably at this, we should look for ways to jump aboard on subtly impulsive, bullish breakouts. The 58.06 peak that I’ve labeled could be ideal for this purpose, but my hunch is that any B-C pullback from just above it would very quickly rebound to the ‘X’ trigger point. Under the circumstances, you’ll need to be alert with your buy-stop to catch the trade. ______ UPDATE (March 2): We’ll put the trade aside for now, since technical signs have turned mixed. A 59.36 rally target should be held in mind nonetheless if GDX takes off.
