Yesterday’s rebound in this vehicle was strong, although not quite as compelling as the one in Comex Gold futures. Moreover, the intraday low exceeded the midpoint support of the pattern shown by a decisive 52 cents, shortening the odds that its ‘D’ sibling at 22.25 will eventually be reached. We’ll give bulls the benefit of the doubt nonetheless, since mining shares are unlikely to languish if they catch their first whiff of strength in bullion in many months. From a Hidden Pivot perspective, this vehicle needs to keep running without taking a breath until 29.83 (a 5/14 peak) has been exceeded. Camouflageurs should look for entry opportunities on the 15-minute chart, since there are some choice ‘externals’ to be found therein.  ______ UPDATE (May 23, 12:33 a.m. EDT):  The breath that GDX could not afford to take has in fact been taken, casting at least mild doubt on a bullish outcome.  Worse than drawing a breath, actually, GDX sucker-punched bulls on the opening bar. _______ UPDATE (June 3): Last week’s modest rally failed to generate an impulse leg on the daily chart, but it wouldn’t take much to achieve this. Specifically, GDX will need to hit a minimum 30.97 this week to get the job done.  If it pulls back from a high thereafter without having surpassed  31.27, camouflageurs should use the retracement to get long.