The steep rally since early March has alleviated the stinginess of the overall pattern, which remains bullish nonetheless. It projects to at least 42.10 and should be considered reliable for trading purposes. That is notwithstanding mid-February’s dip into deep water in the weeks that followed the triggering in January of a ‘mechanical’ buy at the green line. My hunch is that GDXJ will ultimately push past 42.10, breaking free of a consolidation zone that will have persisted for two years.