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A Major GDX Bottom in Progress?


The enclosed big picture of the Market Vectors Gold Miners ETF (GDX) suggests strongly that the price structure is attempting to carve-out a significant double-bottom low in the 22.00 area.

That said, however, the GDX must climb above 31.35 to confirm the double bottom, and to trigger projections into the 38.00-39.30 target zone.

Given the "up-trend" that has developed in weekly momentum, my suspicion is that the GDX is transcending from a "short the rally" market into a "buy the weakness" market, unless of course, 22.87-22.21 is violated.

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