This vehicle, which tracks the junior miners, is bound for 32.27 most immediately. A print at 33.95 would be nicely impulsive, since it would surpass an important peak recorded in July. Still better would be a move to 34.37, which would send the seven-year-old bear scurrying for cover; and best of all, a 36.07 print, which would turn the bear into a shaggy rug. Looking just ahead, traders should notice that a pullback from around 31.80 on the hourly chart would trip a mechanical buy signal at 31.19, stop 30.80. _______ UPDATE (Jan 16, 8:44 p.m.): Despite the turgid price action these last two weeks the hourly chart remains quite bullish. Even so, GDXJ looks like it will correct further before it finds traction._______ UPDATE (Jan 28, 5:46 p.m.): Buyers have blasted off after finding their footing near 29. Today’s decisive push past p=31.03 (click here for chart) implies more upside over the near term to at least 32.81.
