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Mon November 3rd 2008
More Upside for Gold Miners ETF
by Mike Paulenoff, www.MPTrader.comMore Upside for Gold Miners ETF
By Mike Paulenoff, www.MPTrader.com

My near-term pattern and momentum work in the Market Vectors Gold Miners ETF (AMEX: GDX) suggests strongly that the gold miners ETF has some unfinished business on the upside prior to the completion of the upleg off of the 10/24 low at 15.83. At this juncture, I am expecting a pop to the upside out of the 3-day sideways congestion area into new recovery high ground, which projects into the 23.50-24.50 target zone, after which I will be looking for a significant pullback to set up a much more potent buying opportunity.

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