Today’s ebullient leap put GDX on track for a run-up to the 31.69 target shown — a 6.4% gain from these levels. A pullback to the green line would make for an enticing ‘mechanical’ buy, stop 27.43, but if the retracement doesn’t come you can use the ‘external’ peak at 30.05 for a ‘camouflage’ entry. Consider the target a done deal if buyers torch the secondary pivot at 30.63 in the first hour of the session. ________ UPDATE (August 1, 9:01 p.m. EDT): With today’s climb to 31.05, we’re almost there! Anyone trading this vehicle? _______ UPDATE (August 3, 12:36 a.m.): GDX has rallied 15% in the last two weeks, recording a high on Wednesday that fell a nickel shy of my target. Traders who have held long positions for the ride might have taken a partial profit and/or considered covered-writing some just-out-of-the-money calls expiring in about two weeks._______ UPDATE (August 10, 8:20 p.m.): GDX looks eager for a further push up to 33.37, a Hidden Pivot resistance that would complete a nearly two-month rally pattern. If there’s a pullback to 30.41 first, you can buy there ‘mechanically’ with a stop-loss at 29.42.
