I gave GDXJ the benefit of the doubt when last week ended, but all it did was add to the disappointment we’ve felt waiting and waiting…and waiting for gold to show a pulse. I set a low bar, and GDXJ didn’t have to do much to turn the intraday charts short-term bullish. Alas, two falsely-signaled rallies sevened out, and so I’ve switched to a bearish pattern that projects more downside to 86.60.  I’ve aired another that implies even lower depths will be plumbed, down to 82.46 over the next 6-8 days. For now, though, let’s take the bad news one target at a time. A 105.95 print would bull things up a bit, but let’s not get excited until it happens. ______ UPDATE (Aug 8): Last week’s effortless stab through adamantine resistance at 106.67 all but guarantees the 123.50 target will be reached. My hunch is that there is enough power in this move to push GDXJ easily past that target. However, buyers would still need to exceed the circled ‘external’ peak at 136.55 to reactivate the larger bullish pattern (A= 87.35 on 11-7-25) and its 159.97 ‘D’ target.