In my latest analysis, I wrote that I’ll likely provide you with some update over the weekend, with regard to the situation on the market and with regard to the major upgrade in the way, in which we provide our services.
Starting with the former, I’d like to say a few words about the changes in the GDXJ ETF.
The ETF moved higher on Wednesday and then lower on Friday. Most importantly, it moved in near-perfect tune with how it had moved earlier this year – in March and April.
I marked both situations with red rectangles. The initial rally was accompanied by huge volume, which then waned over the following days and weeks. That’s pretty much what we saw in November – and earlier this year.
Moreover, the GDXJ touched its upper border of the flag pattern once again. It also touched the resistance levels provided by the previous highs (moved slightly above it) and the 38.2% Fibonacci retracement level based on the entire 2022 decline.
This means that the top is likely in or at hand.
…And here’s how the above will look like in the new platform that we’re going to use soon.
As you can see, there’s a possibility to “like” a given post, and to comment on it. The comments can include just plain text, but also videos, gifs. And comments have upvotes, too.
I don’t want to be overly technical here – the above just a fraction of new possibilities – but I want to show some of the parts that you’ll soon be able to enjoy.
We initially planned to launch this new platform tomorrow, but we just noticed a bug that would spoil the initial reaction to those of you with older Macs, so we decided to delay the launch by one week. I’ll keep you posted!
And moving back to the markets – I know I said it many times before, but it remains to be true – the downside potential for this decline remains enormous. In my opinion the same applies for the profits of the current short position in the junior mining stocks.
As always, we’ll keep you - our subscribers - informed.
Thank you.
Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief
