Although GDXJ has not reached the 41.81 rally target we’ve been using, I’ve switched to a moderately negative picture because of the way bulls got sandbagged last week after slightly exceeding a key ‘external’ peak at 39.70 recorded on July 18.  My expectation is for the pullback down to at least p=35.20, but I’ll be looking closely for the first sign of an upturn from above that ‘hidden’ support (which will be tradable via a ‘reverse pattern’).  Let’s wait and see first whether the downtrend actually trips a theoretical sell signal by falling to the green line, a feat missed on Friday by just 12 cents. _______ UPDATE (Jan 5): Price action has been viciously abusive of bulls, even if swing highs and lows have been more or less predictable. The low of last week’s selloff, for instance, came down to within 18 cents of the 35.20 target flagged above, but without generating any appealing bottom-fishing opportunities. We’ll back away for now, since GDXJ is going to need more help from bullion futures to get rolling.