The week finished with a strong kick, but it was probably a fake. That’s because the A-B leg of the pattern in which the rally occurred wasn’t even impulsive, at least not on the daily chart. Notice how the point B high failed to surpass the 142.40 peak recorded in March. I expect the rally to fail at the red line, a Hidden Pivot at 124.75, and the subsequent relapse to hit 97.03 before this casualty of Hormuz resumes its long-term bull market.
GDXJ – Junior Gold Miner ETF (Last:119.29)