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Rick ackerman bottom fishes gdxj=I’m going to back up the truck myself — buying at either number or both, tightly stopped

Posted by Richard640 @ 21:39 on December 15, 2014  

Actionable Advice for Tuesday
$ GDXJ – Junior Gold Miner ETF (Last:22.06)

December 15, 2014 9:13 p.m. ESTTax selling in this vehicle could produce a climactic bottom in the weeks ahead, but the range of possible targeted lows is quite wide, depending on how fierce the washout is. There are at least two logical hidden supports where we might look for an important turn: at 20.83 (daily chart, A=54.56 on 8/24/13); or at 17.30 (see inset). Bottom-fishing the higher Hidden Pivot poses relatively little risk, since we can use a very tight stop-loss, and because a bounce from that price that is at least tradable, if not sustainable, looks quite likely.
I’m going to back up the truck myself — buying at either number or both, tightly stopped — and would do so not as a long-term play, but as a high-odds trade. Please note that although the 20.83 pivot has the potential to produce an important low, I’ve selected a chart that shows the alternative target at 17.30 so that you can judge for yourself how compelling it looks. One further note: Because yesterday’s plunge exceeded the previous bear-market low at 22.34 recorded on 11/5, it should have stopped out enough bulls to produce a spirited rally over the next day or two. Under the circumstances, if such a rally fails to materialize, it would portend yet another wave of selling ahead.

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.