I’ve established a 200-share tracking position following last week’s dramatic low within three cents of a 23.93 correction target that had been flagged here earlier. Our effective costs basis has been lowered to 23.79 after we exited half of the position for a small paper gain. Because the threat of a relapse still exists, use a stop-loss a 24.12 stop-loss for now. (That’s where the lesser intraday charts would turn bearishly impulsive.) Keep in mind as well that a 22.74 downside target will remain viable in theory until such time as GDXJ rallies above 27.33. If GDXJ were to fall to 22.74, we would become very aggressive buyers. Meanwhile, it would take a mere 25.46 to turn the hourly chart decisively bullish.
