I introduced a 20.76 target a while back as the most ‘traumatic’ outcome I could see over the near term, but GDXJ appears to have cheated destiny with a rally from 22.34, well above the Hidden Pivot support. Even so, it looks like unfinished business on the weekly chart, and the target will remain viable in any case as long as the 46.50 point ‘C’ high is not exceeded. As a practical matter, however, the reversal would become more persuasive if GDXJ can surpass an external peak at 28.17 that was recorded October 30 on the way down. Although that would not negate the unachieved target, it would somewhat reduce the odds of its being hit. More immediately, this vehicle looks bound for a Hidden Pivot resistance at 26.94; or if any higher, 27.27. An easy move through either would be encouraging.
