A longstanding bear target at 13.15 spared us a heap of pain as GDXJ fell from the high teens, but we couldn’t pass up bottom-fishing yesterday near some potentially important Hidden Pivot targets. In the actual event, traders reported coming away with a loss of about $60 after being stopped out on 400 shares bought for around 12.57. The subsequent breach of the 12.59 Hidden Pivot that informed our bid suggests that this vehicle could now fall to as low as 9.57 before it finds a bear market bottom. We’ve seen the pattern shown in the chart work precisely many times before.
