Here's my short term opinion on GDX:
we completed an since the top of GDX (around Aug 11th--Oct 11th), and gold started to lose its steam and people expecting a rate hike on Dec . But after the drop, we are forming a huge divergence on 4H (see red lines). From the beginning of the next week I'm expecting another head down and create a HL to form a , just like gold , i'm expecting a retouch of 124xish and then we are heading UP.
Short term but I'm still holding my short opinion on GDX (expecting another ), coz really the Fed rate hike effect and strong DXY we had.
Good luck~and here's my potato~
MACD n RSI are saying there are still a bit more room to go up, but it's touching the top of BB right now, Trade Carefully, Peace
Still, in order to make this chart still valid and hit D point, 3 things are needed:
1. Great NFP data on Friday
2. Hillary wins
3. Rate hike in Dec