GDX - primed to break the June lows

Whilst the main market continues to battle broadly higher into year end, the mining stocks - along Gold/Silver commodity prices, look vulnerable to much lower levels. The mining ETF of GDX settled -0.1% @ $24.26. The broader trend remains strongly bearish.


GDX, daily

GDX, monthly

Summary

Regardless of the price action this week, the miners look very vulnerable to another significant wave lower.

The bigger monthly chart is pretty clear. We have a large multi-month bear flag, and that appears to already have been confirmed this month.

Mining bulls should arguably be waiting for GDX to break the monthly 10MA before getting involved.
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I do not expect the June lows to hold for the miners..nor the metals themselves. GDX in the mid teens is certainly viable, before this horrific two year collapse comes to a conclusion.