GDX - miners collapsing

With the precious metals back on the slide, the mining stocks were under renewed severe pressure. The miner ETF of GDX, settled lower by a very significant -4.2% @ $19.66. Near term outlook offers a crash wave in the metals.. with GDX to 15/14s.


GDX, daily

GDX, monthly

Summary

It is pretty clear... the loss of the $20s.. now opens up the mid teens.. which frankly... seem an obvious downside target.

Gold looks set for a major wave lower in November... and that offers very viable downside of GDX 15/14s.