There is a potential Head & Soulders pattern with a declining neckline forming on GDX. The declining neckline improves much the probability of success for short trades. A breakdown would happen around 44.75 and would also decisively break the rising uptrend line and all major floor support with a target around 40.75.

Notice also the deterioration of Relative Strength vs. SPY and vs. GLD while the right shoulder is forming. I intend to short aggressively at the first signs of RT PM MF weakness with a stop above the right shoulder near 47.00.
Billy

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