This vehicle got taken down after a bull-trap opening yesterday, but the lows didn’t affect the bullish look of a pattern begun last Thursday from 45.92. It projects to as high as 53.20, provided midpoint resistance at 50.49 can be surmounted. More immediately, the pattern could be negated by any mild weakness Thursday, since GDXJ ended Wednesday’s session on the low of the day, just 34 cents from the point ‘C’ low of the bullish pattern.
