GDXJ ended the week with a tentative double bottom at the 96.05 secondary pivot of a large corrective pattern. The rally was not impulsive, however, since it exceeded no ‘eternal’ peaks. That would require a leap to 120.06, a penny above a high recorded on May 29. This is somewhat more ambitious than what I am requiring of silver and gold futures, but the picture is sufficiently ambiguous to require it. The good news is that if this vehicle relapses to D=82.46, you can confidently load up the truck there. _______ UPDATE (Jul 12): Sellers continued to pound the 96.05 ‘secondary support’ of the pattern shown. A two-day close beneath it would likely clinch more downside to the 82.46 ‘D’ target. Alternatively, it would take a rally exceeding June 17’s 118.19 peak to put bulls back in charge.
GDXJ – Junior Gold Miner ETF (Last:98.89)
