I’m reading all these posts about a tradable bottom here but frankly I don’t see any chart evidence at all for that. Perhaps we’ll see evidence as we move into MA’s benchmark targets around Dec 7th but charts are all pointing to a collapse of the GDX consolidation that has occurred the past couple of weeks…at least to my eyes.

In the school of “GG leads”, I believe it’s tipping the GDX’s hand of what’s to come….more down and current support morphing to resistance.

GG

Meanwhile, I last shared on Oct 12th my chart that tracks a nice fork fit with the 30-year yield against the GDX. It pretty much nailed the last GDX swing high and again it’s suggesting a big move down in GDX any time now as yields are poised to rise. I think that move started Friday actually as options expiry briefly bumped GDX to $14 and then whammo.

TYX

With the backdrop of the SM being at what I believe to heavy resistance levels, the GDX should have quite a bit of difficulty rising from here. We’ll see how the charts develop next week.