With the precious metals seeing some moderate cooling, the related mining stocks were naturally on the slide. The ETF of GDX settled lower by a rather significant -2.1% @ $24.12. Price structure since the Oct'11th low of $22.50 is a very clear bear flag. The 21/19 zone looks extremely viable.
With just 3 trading days left of the month, the miners are set for a very significant net monthly decline.
I would imagine some of the wave counters would count August as 'A', a September 'B' bounce, with current price action part of a final C - as part of a corrective wave, after the hyper ramp from the Jan' low of $12.40.
Confidence is high than further short term downside is due. Yet.. the mid term outlook is very uncertain. It will be largely dependent on whether the USD stops climbing.. and starts to cool back away from the very important DXY 100 threshold.