GDX looks like a very good bet to achieve the 45.71 target shown in the chart. If it reaches this Hidden Pivot resistance, that would represent a gain of about 19% from current levels. The impulse leg from 23 to 27 in April/May was sufficiently steep to imply that we could use any pullback from a Hidden Pivot level to the one beneath it as a ‘mechanical’ buying opportunity. This seems unlikely at the moment, however, since bulls appear to be consolidating above the red line, a midpoint support at 38.47. We may be able to use a smaller AB segment, the one that occurred between June 26 and July 9, to fashion a relatively low-risk entry opportunity, and that’s where we can focus intraday. ______ UPDATE (July 15, 9:16 p.m.): Several subscribers have jumped in after pondering my bullish target, but don’t expect an easy ride. I’d suggest staying closely in touch in the chat room to help manage position risk. ______ UPDATE (Jul 21, 7:10 p.m.): A secondary Hidden Pivot resistance at 42.09 lies just inches way, but GDX will have to push decisively past it to lock up a further move to D=45.71. Here’s the chart. ______ UPDATE (Jul 29, 8:15 p.m.): A pullback to p2=42.09 would offer a decent bet, stop 40.88, for ‘mechanical’ buyers. I mentioned this in the Trading Room today and it will remain viable unless 44.12 is exceeded to the upside. ______ UPDATE (Jul 30, 2:57 p.m.): Only one person reported doing the mechanical traded detailed above, so I have not established a tracking position. I will paper-trade this one nonetheless, lowering the stop-loss to 40.20. just beneath a key low made last week.
GDX – Gold Miners ETF (Last:41.82)