So yes, that’s exactly what happened. The GDXJ closed the weekly with a record (nominal) decline – that we haven’t seen since May 2022. The above chart shows that the multi-top that the GDXJ is most likely forming is indeed (as I wrote about it before) similar to what we saw at the 2020 top. Zooming in reveals that the multi-top can be viewed as a potential head-and-shoulders pattern with the downside target at about $33. The previous chart suggests that the next local bottom could form close to $34 (61.8% Fibonacci retracement plus the rising medium-term support line), so overall, we can say that the GDXJ is likely ... (full story)