GDXJ Junior Gold Miners Weekly Chart H&S

Price keeps moving down and only needs a couple more points to finish up the H&S projection at 21-ish (head at 40, neck at 30.5, target at 30.5-9.5 = 21). The junior miners GDXJ are finishing up their H&S pattern before the larger gold miners GDX finish up their H&S, so the juniors are leading the gold miners as a whole. Target is 21-ish and then GDXJ can begin recovering. Perhaps this is due to higher speculative interest in the juniors since many junior miners are targeted as takeovers.
Price bounced off the horizontal support last week at 22. The pink falling wedge is agreeable to upside and the positive divergence shown by the MACD line and histogram, and money flow, caused the bounce last week.  Note, however, RSI, stochastics and money flow in the shorter term time frame all want to see lower lows in price. This lower low would satisfy the H&S target in the 20-22 area. She's almost there, perhaps GDXJ will finish up the donwside by summer time.  Like gold, and the GDX, once QE3 is announced, GDXJ will catapult higher. The green arrow shows the bounce due to QE2 so expect a similar result for QE3. Projection is a bottoming to take place across 20-22.  Thus, there is no interest in playing GDXJ, probably best to simply watch and wait, and as the CRB drops under 280 start to accumulate GDXJ to get ready for the QE3 rocket launch. This information is for educational and entertainment purposes only.  Do not invest based on anyting you read or view here. Consult your financial advisor before making any investment decision.