[GDXJ] update

The resistance pointed out in the backlink was broken out of today and it was clearly a step in the right direction but we are not out of the woods yet from a TA perspective.  The chart below shows the threat model that I am now watching like a hawk.  As you can see, today's move gapped up above the long standing resistance line which is good for longs.  Note that this line has been drawn in a hyper accurate way, not a loose pencil drawing like many TA charts use.  The main points I used for this were the July 2014 peak, the Aug 2014 bounce and the Jan 2015 bounce.  So the herd knew exactly where that invisible line was and, like some physical obstacle in its way, leaped over it at the open.

The critical support level is now that green line.  I will hold JNUG above it (yes I know this is the GDXJ chart) and stop out below it.  Simple as that.  There might be some trading thrash happening here as a result as the buyers and sellers obviously both know this is a critical juncture.  I am fine with that.  I'd rather rack up $100 in trading fees than risk losing thousands in capital.

The best thing for longs would not be to have a pullback to test that green rail from above and then reverse back upward per the red model.  If this happens it should show some break way gusto in order to convince the herd that a new direction has been selected and that everyone should adjust to it.