Yes as I said on Friday, triggered by a hair.  Anyway the sell signal will come in at $40.32, which is just over 3%, therefore our risk for this trade is defined.  

Remember, there are no V bottoms, bottoming is a process, therefore even if GDX puts in some kind of tradeable bottom, it won't be an easy V move up, it will be choppy and the first rally is always sold and you always get a pullback.  The move up will either be a bearish ABC pattern or a more bullish 5 wave.  

However under either scenario you always get a pullback, either as a wave 2 or a wave B.  That's why I would always look to be more aggressive buying on the pullback vs the first entry or move off the bottom.  Also this is why I generally like to look to sell the first rally because I always know that a pullback will come either was a wave 2 or wave B.  This is also why the GDX system can sometimes have a whipsaw on the first trade after a large move because sometimes it get's caught int he wave 1/A and 2/B

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