Although mid-April’s high narrowly missed the ‘d’ target at 139.46, a pullback to the green line (112.02) should still be regarded as an opportunity to bottom-fish ‘mechanically’. The odds thereafter would favor a one-level move to p=121.17, although not necessarily a finishing stroke that finally achieves d. As implied above, a pullback to the green line (x=112.03) should be used to get long, much as I have suggested in July Silver. A ‘camo’ trigger is obligatory, since the entry risk with a stop below ‘c’ would exceed $900 per round lot. _______ UPDATE (May 8): GDXJ took a powerful leap this week. Unfortunately, it came off a low at 112.80 that missed our bid by a couple of inches. _______ UPDATE (May 8): A shallow dip to start the week came even closer to triggering the ‘mechanical’ bid I’d suggested at 12.02 (see above), but we still missed getting aboard by 78 cents. That didn’t change the still-good odds that the 139.46 target eventually will be reached.
