GDX update 11/15

GDX: Short and sweet story is that it is still down trending as it 1) hasn’t been able to move above the black down trend line that has kept price in check since the early-September high. 2) is lacking an impulse structure 3) not show, but has a cycle low early December. Seems as if a descending (bullish) triangle is forming, which if correct should propel price to $25-$26, once completed. For now I’ll be looking for $20-$21 before all is said and done.

GDX