The Gold Miners ETF has bounced strongly from last Wednesday’s low at 39.08, tracing out an elegant pattern which projects up to 44.97. Yesterday the rally paused just shy of the pattern’s midpoint at 43.20, but a print at 43.25 will give us good odds that the “D” target will be reached. A move through “D” and above 45.00 would signal more upside to come. Skeptics have their case, however, as the rally thus far has not erased enough of the recent dramatic decline, which is best viewed on the weekly chart beginning at 57.91. GDX will need to get above 44.00 before we can safely say that the larger impulse wave is behind us. (Posted by Doug “harry” McLagan)
