GDX Ricochets Off of Meaningful Support. What Now?

The only technical justification I have so far for putting money to work in the Gold Miners is that the price structure has found support so far right at the lower-boundary line coordinate of the down-sloping 13-month channel, now at 13.75.

If the lower-channel line contains further weakness (+/- 1% slip down to 13.60), then just maybe Market Vectors Gold Miners ETF (GDX) is establishing the first low-coordinate of a significant bottoming process.

Should such a bottom emerge-- distinct from a "V" Bottom, then we should expect a period of basing between 13.60 and 15.50 in the upcoming days and weeks.


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