GDXJ – Junior Gold Miner ETF (Last:134.69)

There is nothing to suggest this vehicle will not reach the target at 135.90, a once-unimaginable milestone that was first signaled in mid-November when GDXJ crossed up through the green line. The subsequent, confident move through the red line, a midpoint Hidden Pivot resistance at 111.63, significantly shortened the odds the target would be realized.  This now appears all but certain, and although it would be implicitly bullish for gold, we shouldn’t be too concerned if the respective moves appear to be somewhat out of synch. The ABCD pattern is sufficiently clear to imply that the correction following the final run-up to the target could be long and painful. _______ UPDATE (Jan 20, 11:10 a.m.):  It is headed to 139,55 at least, or to 144.86 if any higher. Currently 134.68, just off the high.