GDXJ – Junior Gold Miner ETF (Last:8.45)

To stretch the bearish imagination, ponder the 3.81 target in the weekly chart displayed alongside. A 5.88 target extrapolated from a lesser pattern begun in late March could break the fall, but that’s probably a best-case scenario at this point.  Note the bounce from very near the pattern’s midpoint in early March.  That tends to corroborate the pattern itself, and its 3.81 target would become still more compelling if a snapback rally to the midpoint fails to push above it.  The midpoint would be a short in any case if bulls ever get there.