Gold Miner’s bulls have been wishing for the past couple of years, that the Junior Miners/Senior miners ratio (GDXJ/GDX) would rally.
Did the ratio create an important low last week while testings its 2019 lows? Possible.
The GDXJ/GDX ratio hit lows for the year in June. A nice rally in the ratio followed this low, only to see it run out of steam and start turning down again the first week of August.
The 7-week decline saw the ratio hit the June lows last week, where it may have created a bullish reversal pattern at (2).
Gold miners bulls would receive short-term positive news if the ratio would break above steep falling resistance.