GDX held neckline support after spiking below the bear flag’s origin point and is filling the downside gap off of the bear flag breakdown. If this rebound is more than a fleeting thing it will get through the SMA 200 (red) and eventually make a higher high above the early April bear flag top.
GDXJ got above its neckline so as not to leave the bears feeling too comfortable. It too is filling a gap today. It too would need to get through the SMA 200 and make a higher high to the top of the flag to get back on track.
Why do we continue to give these a chance? Because of the weekly chart potential bottoms, as I seem to repeat robotically. But the dailies need to get fixed first. These are not yet fixed, but for a second day are making progress toward that goal. What they do after filling these gaps would be key.
