Yet another failed rally has generated a bull/bear duel that favors the latter at the moment. I’ve refreshed the chart to show a new downside target at 10.67, subject to last-ditch support at p just 16 cents beneath yesterday’s bottom. The target itself lies a mere 1.10 from a potential bear-market low I’d projected at 9.57, but I must admit that I hadn’t envisioned the stock getting there so quickly. Bulls who have been on the sidelines should look to buy the lower number aggressively. In the meantime, however, GDXJ looks more promising as a short sale. _______ UPDATE (1:29 p.m. EDT): GDXJ opened on a bullish gap this morning and looks bound for a beautifully clear target at 12.61. It will need a tick more than that, however, to refresh the bullish impulsiveness of the lesser charts. The can’t-miss pattern projecting to 12.61 is based on the following coordinates on the 15-minute chart: A=11.30 (April 18 at 10:30 a.m.; B=12.28 (April 22 at 9:45 a.m.); and C=11.63.
