The pattern shown suggests GDX will come down to at least 24.47, the ‘secondary’ Hidden Pivot support, before it can make a serious attempt to turn around. A decisive breach of that support would be reason to expect more slippage down to the 23.07 ‘d’ target. Either number can be bottom-fished with a bid two ticks above the pivot and a stop-loss as tight as six cents. Alternatively, the intraday charts would turn bullish on a rally that hits 26.70. _______ UPDATE (Sep 20, 6:16 p.m. ET): I’ll lower the bar for bulls, since they seem incapable of doing anything impressive for the moment. They’ll have the wind at their backs nevertheless if they can close GDX above 26.25 today, or trade more than 8 cents above that number intraday. Here are the coordinates for the relevant pattern on the five-minute chart: a=25.63 on 9/16; b=26.41 o 9/19._______ UPDATE (Sept 21, 6:35 p.m): Bulls did far more than we had asked of them today, pushing this vehicle to an intraday high at 28.01 (!). With a little more oomph, and a thrust exceeding the 28.67, midpoint Hidden Pivot shown, they will put the pattern’s 32.16 target (see inset, a new chart) solidly in play. _______ UPDATE (Sep 22, 5:59 p.m.): Close but no cigar. A thrust on the opening bar trapped bulls when it relapsed after falling 11 cents shy of our 28.67 benchmark. This is not a healthy sign, but it would be rectified by a recovery today or Monday that exceeds the pivot. _______ UPDATE (Sep 26, 7:50 p.m.): Having failed to impress for a third straight day, bulls will have their work cut out for them on Tuesday. Specifically, they’ll need to close this vehicle above 28.08 to suggest a resurgence worthy of our interest. That’s the Hidden Pivot midpoint resistance, on the hourly chart, of this pattern: A=25.86 (9/20); B=28.56 (9/22); C=36.74._________ UPDATE (Sep 29, 1:24 a.m.): Is GDX disappointing us and boring us nearly to death, only to leap higher when we are at the brink of despair? It wouldn’t be the first time._______UPDATE (Oct 4, 10:42 p.m.): Tedium has given way to a gut-wrenching plunge. Now, if the Hidden Pivot support at 23.09 fails, look for more slippage to at least 22.08 (see inset, a new chart)._______ UPDATE (Oct 6, 10:41 p.m.): Sellers crashed the 23.09 pivot, putting the 22.08 target in play.
