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Stair-Step Climb for Junior Gold Miners


Using a composite of my work from intermediate-term to 15-minute charts, I am compelled to make the case that the May 16 low at 17.37 in the Market Vectors Junior Gold Miners ETF (GDXJ) ended the entire corrective/bear phase from the April 2011 high at 40.28.

If my work is reasonably accurate, then all of the action during May and so far in June represents the budding stair-step climb of either a major medium-term counter trend advance or a new bull phase.

In any case, regardless of the exact label, my work points to a run at 23.8024.20, at which point the the underlying strength or weakness of the move should determinable.

At this juncture, only a sustained break of 20.35/25 will begin to compromise the timing of the anticipated upmove. 

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