Since 2011, GDXJ has been contained in like Gold . indicator further enhance this fact. The picture does change abit when price hit channel bottom in Jun 2013 followed by another channel bottom in Dec 2013 to generate . The attempt to move to channel top was rejected twice around 46.0 which was evidenced by the two failed break out in . Subsequently, uptrend line was broken and price continue its selling breaking below the .
in 22 Sept 2014 shown a failed challenge to break above the (red region) thereby causing more vicious falls which happened to be a failure in support at 31. At this point is exceptionally showing 1st sign of despair in investors. Still price has not touched exactly the channel bottom, i can only anticipate that price will try to break 31.05 and if successful testing the resistance of as highlighted in the blue (also for )
I would anticipate that ultimately if price fail either 31 or 37, it will fall into channel bottom around 18-19 in time to come with lesser showing that only pure smart money is in thereby creating yet another stronger in