This is just a quick update to say that GDX is now forming the fifth of five down waves in the C leg of this correction. There is no indication of heavy buying coming in yet and it is continuing downward at this time. There is a price gap that has almost been filled. Just a little more down would do it. GDX is at 54.56 right now and has created a good multi day flag, but the possibility exists that is could continue down to below 52.85 to create a multi week flag.
QQQ is also giving some back today, but is not a sell yet because it is well above its trend line. Stay tuned.
Happy trading.
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