GDXJ; Correction Over Or Not?

Here look, GDXJ may or may not have finished up its correction.  Brilliant, eh?

 

GDXJ daily chart, from NFTRH 300

It has in essence Fib’d 50% of the June rally and tested the support of the SMA 50.  Preferred support is down at the 62% Fib and the SMA 200.  But last I checked, the market did not care what I preferred.  This leader was corrected by over 10% from the July high as of today.

So I just keep slowly accumulating quality items against some hedging still going on.  I don’t care if I am in a grinder right now.  What I care about is establishing a new trend and when we find a bottom to the current correction, the next leg could be a trend maker if the bullish plan stays ship shape.