By: Jeff Cooper

Hit and Run Morning Bonus Report: June 1, 2023

GDXJ Bottoming

GDXJ turned its 3 Day Chart up yesterday and extended.

That’s a first feather in the bull’s hat.

A declining trend channel shows initial resistance at 40.80 ish.

May 25th squares 35.75 when and where GDXJ struck a low.

The question is whether that was THE low.

Checking back to the March low shows a low followed by a turn up in the 3 Day Chart then an Undercut/Test of the low

Before the ramp higher.

We may get the same into our idealized low the first week of June as flagged a month ago as that is 90 degrees/days from

The June low.

The initial bottom prior to the ramp to our key 44 square-out in April came on February 24th.

90 days/degrees from Feb 24 is May 24.

So far the pullback in GDXJ struck a low on May 25th…90 days/degrees later.

Feb 24 is square 35.50 region so we have some symmetry/synchronicity in time and price to suggest

A bottoming formation is at hand.

The important thing is that validation of the low indicates a dramatic Wave 3 will be in progress.

This is underscored by the fact that an Angular Rule of 4 will be triggered the next time GDXJ clears 44.