With its ‘locked’ point ‘a’ low, the pattern shown looks reliable for our purposes, whether trading or forecasting. It is not a healthy sign that the rally off the 44.76 low recorded on November 14 failed on the first attempt to reach the red line, a midpoint Hidden Pivot at 49.17. Bulls could still pull it off, but if GDXJ dips below C=44.76, negating the pattern, that would be more than a mild discouragement. The weakness so far is especially dispiriting because of the power of the impulse leg that took GDXJ quickly from 46.71 to 55.58, a 20% move, in mid-October. _______ UPDATE (Dec 9, 9:17 a.m. EST): This morning’s gap through p=49.17 has guaranteed that the rally will reach D=53.58, at least. Be prepared for a stall there.