I’ve been reviewing charts tonight trying to find classic bearish setups and they all have a more bullish look than bearish near term. The GDX weekly seems like a classic bullish wedge with enormous volume at the apex. The consolidation occurring right now just doesn’t seem like a typical break down set up. Not much wiggle room left…so we will see.

GDX

When I view the daily GDX it seems textbook diamond bottom. The measured move on the breakout would get us to $18…the 200MA.

GDX

Textbook diamond bottom below:

diamong-bottom-chart-pattern