GDXJ Gold Junior Minors H&S Pattern in Progress

GDXJ continues to allow the head and shoulders pattern to play out with a target of 21. The neckline failure occurred in September then the textbook back kiss and failure in November.

The price is under the 20 MA which is under the 50 MA which is ugly. The green arrow shows the QE2 launch, then the juniors became the darlings of traders as rumors of takeovers were rampant in 2010 and 2011. GDXJ needs to venture down to 20-24 where an attractive opportunity on the long side should prevent itself, but that appears a few more weeks or months away. This information is for educational and entertainment pruposes only.  Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.