Buyers stalled almost precisely at the 25.71 midpoint Hidden Pivot of the rally pattern shown, but they’ll need to push past it by no later than Tuesday to affirm that they are ready for a further push to the 26.02 target and beyond. Merely achieving the target would be the most bullish event seen on this vehicle’s chart in months, since it would exceed early November’s 25.93 peak by a decisive nine cents. That would generate an even more powerful impulse leg than the one created last week with the rally a penny above the election night high at 25.70. I would encourage subscribers to jump in with a ‘mechanical’ bid at the red line, provided the pullback to it once it has been decisively exceeded meets our criteria. _______ UPDATE (Feb 13, 9:56 p.m. EST): That’s one strike on bulls. Now, if they can’t prevent GDX from falling beneath the 24.86 midpoint support that contained today’s selling, look for a further fall to at least 24.36 before the good guys can attempt to get traction. _______ UPDATE (Feb 14, 7:01 p.m.): Today’s weakness reversed at the secondary pivot (24.61), but the 24.36 target will remain valid until such time as 25.36 is exceeded to the upside. _______UPDATE (Feb 15, 8:04 p.m.): If GDX turns around without having fallen to 24.36, use the pattern shown to guide you. It flashed a ‘counterintuitive’ buy signal on Wednesday when GDX hit the green line, and odds of a completion to 25.92 would shorten considerably on a stab through 25.21. ________ UPDATE (Feb 16, 8:32 p.m.): Bulls did not so much stab the midpoint Hidden Pivot at 25.21 as play toe-sies with it all day long. Let’s see if they’re capable of getting serious on Friday with a decisive push higher.
