GDX has bounced sharply from a low well above the $14.24 target projected a while back in the chat room. The target is still valid and will remain so unless 38.73 is exceeded first. However, the midpoint pivot tied to the target lies at 26.48, and that is a logical price objective for the current rally. If the target is achieved, it would represent a nearly 50% retracement of the downdraft from late September’s high, 38.73. The fact that the most recent bottom failed by 1.59 to achieve the target is an incipiently bullish sign, but we’ll be better able to judge if and when GDX encounters a lesser midpoint resistance at 22.05. If it is easily brushed aside, that would affirm the likelihood of a move to 26.48.