1:09 pm PST. The mining stocks had their jolt to the downside at the open as I expected from yesterday’s close, which is why I exited almost everything and sold short GDXJ. I covered my short this morning, and then bought back into GDXJ and JNUG starting from the pre-market session and held on for about 30 minutes into the regular trading session and exited. I had to step away from my desk, but came back to watch the close. The pattern into the close looks impressively bullish, imho. I was looking for at least a 1-3 day pullback on gold after overlapping the important 1243.20 level, and today is day two since the overlap occurred.

The pullback on GDX had an overlap to the downside, as a result, I am changing my wave count, which I have put into my silver chart below. We had prints on GLD at 117.39 for 314,900 shares block traded and at 117.44, for 182,750 shares block traded. We closed above both of those.

Have a wonderful weekend! I think next week is going to be a great week.