New Daily Lows

We’re now about mid-way into the session.

The daily lows of the past four trading days have been penetrated: thus, defining today as a ‘key reversal’ or ‘outside-down’.

Spring Position

Ironically, since those lows have been penetrated, it sets up the GDXJ, in Wyckoff ‘Spring’ position.

There’s a possibility of some type of rising action as we get near the close … but don’t count on it (not advice, not a recommendation).

The weekly MACD, is in a bearish divergence (not shown) and it looks like the daily upside testing is complete.

This bearish set up may continue to develop into a significant downside move or just as easily, dissipate into randomness.

Junior Miners GDXJ, Daily Candle

If this turns out to be an important directional move, we’re still early (not advice, not a recommendation).

Following updates will present trendlines and support/resistance areas.

Stay Tuned

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