GDX - Chart Link - GDX is still sucking wind - not surprisingly.  For now it's still holding the trendline of the triangle - however consolidations generally tend to break in the direction of the primary trend - I would MUCH rather have it just break down again, wash it out, perhaps make a 5th wave low with divergence.   but again we'll see, for now it's holding the lower trendline

regardless, I think the action in GDX over the last 1 - 2 months has been a good real time educational example on why you should play the trend at hand vs trying to pick tops and bottoms in the market and with stocks - if you tried to catch the bottom in GDX over the last 2 months, you would be chopped out, it's the same thing with the ultra bears on the general market who have been trying to short this market and pick the top - in the end your account ends up decimated and or your psychology is rattled - why go through that, just let the tops and bottoms pass you by and see them in your rear view mirror, for tops short the oversold lower high, for bottoms buy the pullback which forms a high lower.  And play the trend!! much easier and more profitable!

I've attached a goofy graphic representation of this concept LOL, don't laugh too hard