GDX, daily, near term
We've seen a double down cycle from 58 to 48 in just 3 weeks. GDX is without question oversold in the very near term, so a move back to 52/54 would be entirely valid, even though the overall cycle is still bearish.
Targets will be a move back over the psy' level of $50, and then a close over the 10MA around 51.50.
GDX, weekly
A retrace back to around 54, perhaps even as high as the 10MA of 56 seems very valid - and that would still not negate the overall bearish 'rolling over' action we are seeing.
