The string of lows precisely at the 27.62 midpoint support of the pattern shown (inset) suggests it will work well for purposes of forecasting and trading in the days and weeks ahead. GDXJ is in fact on a ‘mechanical’ sell signal at the moment. The short was triggered by the rally from the red line to the green, but because the low did not occur near our sweet spot midway between p and p2, I am not recommending the trade. Since the midpoint support has held perfectly so far, there is no basis for inferring that D=22.89 is likely to be reached.  The outlook for the next few weeks would brighten if a rally above C=32.35 negates the bearish pattern.