Zzzzzz. This vehicle is in its fourth consecutive week of soporific price action, offering opportunity as far as we’re concerned. To get long speculatively without putting much at risk, traders should monitor the hourly chart for the quiet impulse leg that favors our camouflage approach. Most immediately, that could entail zooming down to the three-minute chart for your entry trigger if GDXJ falls to 23.80, the midpoint support; or all the way to ‘d’ at 23.42. Keep in mind that an upturn from the higher number would buttress the possibility that we are seeing, at long last, a breakout from the range of the last several weeks. _______ UPDATE (October 11, 2:49 EDT): Yesterday’s low caught the 23.80 midpoint flagged above to the exact tick. If you got long as suggested please let me know via e-mail or in the chat room so that I can establish a tracking position for your further guidance. ________ UPDATE (10:51 a.m. EDT): In the chat room a subscriber has reported a fill at 23.82, so I’m establishing a 400-share position at that price unless I hear from someone who did worse. For now, take a partial profit by covering half of your original position at a current price of around 24.73. Imputing the theoretical gain to what’s left gives us a 200-share position with an effective cost basis of 23.37. Do nothing further for now.
