Yesterday’s relapse after GDXJ failed to take out last Thursday’s 39.71 high should be viewed as a short-term negative, but the daily chart remains robustly bullish and projects significantly higher. My target for the next 3-5 weeks is 47.38, but it is predicated on a decisive push past the 39.91 midpoint (red line), where the stock has remained stalled for the last three days. Traders familiar with the ‘camouflage’ entry technique should note that there are some nice entry-handholds in the form of ‘external peaks’ notched along the path of March’s steep decline.
