GDX - rough start to a short week

With the precious metals resuming the slide, the miners started the week on a very negative note. The miner ETF of GDX settled lower by a very significant -5.2% @ $17.45. Price structure remains a rather messy bear flag.. which is arguably being confirmed. The 15/14s look viable in the near term.


GDX, daily

GDX, monthly

Summary

As I have been droning on about for many months... if not the last THREE years, so long as the precious metals are weak, the miners will similarly be weak.

Gold looks headed for $1000, if not the 900/875 zone next year. If that is correct, there remains high probability that GDX has another major wave lower.. before a key multi-year floor is put in.
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*I remain short GDX (via option puts), seeking an exit in the $16s... certainly before year end.