If pigs could fly, this sorry old sow would still be trailing its hind quarters in the mud. What a disappointment it has been! Even so, and much as I’d enjoy trash-talking a favorite gold-miner proxy, it is actually on a ‘mechanical’ buy signal that triggered when it touched the green line (x= 35.58) on June 21.  Ordinarily, that would give rise to expectations of a rally to D=45.56. In this case, however, assuming GDXJ can come out of its death spiral from a low exceeding C=32.25, I would lower my expectations to p=38.91 — a mere one-level ride — for trading purposes. Set an alert at 37.68 for now, since that is where a rally would generate an impulse leg on the daily chart, There are ways to get long before then, but you’ll need to nudge me in the chat room if you want to discuss them.