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Quiet, Stealthy, and Healthy Correction Nears Completion in GDX


In a perfect intermediate-term set-up, I would like to see the Market Vectors Gold Miners ETF (GDX) pull back into the 20.60 area prior to embarking on a new up-leg. That said, when is anything perfect these days? In any case, the decline from 23.31 (Jan 21) into today's low at 21.13, or 9.5%, has the right look of a completed, or very nearly completed, correction within an otherwise bullish ("cup and handle"-type pattern) intermediate-term base formation.

I am looking to add to our longer-term model portfolio long position in the GDX either above the market at 22.01 or below at 20.73 if able in the upcoming hours.

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