Junior Miners GDXJ Analysis Weekly chart - looks set to drop

Gold

Looking at the weekly chart of the $GDXJ, I wanted to see how low this could go in case dollar rallied. I think the red rail could provide support… if not it could go all the way to the black thick rail… also i have drawn the black dashed Wolfe wave that could be long term target for a bull case after this drop…

There has been no breakout of the blue downtrend line. Time to get bullish is when that trend line is taken out.