GDXJ – Junior Gold Miner ETF (Last:40.40)

A 41.17 target first signaled more than four months ago with GDXJ trading under 30, looks all but certain to be reached this week. As slow as it was in coming, it was never in doubt after buyers gapped GDXJ past p=33.49 on Nov 9. Adding to the picture of strength was the absence of any pullbacks sufficient to trigger a ‘mechanical’ entry of daily-chart degree.  Now we can expect a further ascent to at least p=49.02, a midpoint Hidden Pivot correlated with a ‘D’ target at 72.73 (!).  As always an easy move through any of the levels in this pattern can be taken as a sign that the uptrend will continue. We’ll look for low-risk boarding spots along the way for subscribers seeking either to augment long positions or initiate new ones.