I’ve used a conservative projection even though GDXJ broke out last week, scuttling a bearish reverse pattern.  It nearly touched the 47.98 rally target on Friday, although there’s room to 48.29 if you slide ‘A’ down a tad.  The very shallow retracement that occurred after the top was recorded early in the session is mildly bullish, but the selling would need to continue down to 47.19 to generate a bearish impulse leg on the 5-minute chart.  It would be a minor signal, but it can nonetheless serve sa a hair-trigger warning  of trouble. _______ UPDATE (Jul 16, 6:28 p.m.): Bulls have trashed enough hardy obstacles lately that it’s time to shift our focus to a much bigger picture that projects as high as 72.23. Notice that GDXJ ended the week precisely at the most crucial spot on the weekly chart, p=49.02. Let’s see what happens before we make an important judgment.