GDXJ would give gold-stock bulls reason for optimism if it can pop above the ‘external’ peak at 37.68 recorded on June 16. However, it is more realistic to expect additional slippage toward the 32.25 low that has shaped the pattern shown. A breach thereof would create a buying opportunity, even if it were merely to take advantage of a likely fake-out rally that doesn’t get very far. Please note that GDXJ is still on a ‘mechanical’ buy signal from June 20 that we passed up.