This is how I currently see the GDX. Like the chart I posted on gold I see the GDX likely in a long term triangle. At any rate it looks to me like it has recently finished a well defined channel down with a large volume spike at the bottom. Of course it could go down one more time to retouch the lower channel line but I favor it has begin a upward A-B-C perhaps to be forming a even larger triangle. That is guessing a lot but if the trend is now up a .618 to .786 correction certainly seems possible. This also fits with my view of the US dollar which is it likely is about to drop. This is all speculation but I like to anticipate based on the price pattern but wait til price action indicates it is reasonable to invest. Also this chart shows two nice examples of negative reversal in the RSI which often leads to new lows in price or at least a significant retracement. Take care. Have a great rest of the week. Goodguy.
