GDX – Gold Miners ETF (Last:43.23)

A downside target at 36.42 beckons, although it is by no means ordained. Notice that the first attempt to put this vehicle away failed, resulting in the creation of a higher point ‘C’ high. That weakens the bearish case, although the weight of the pattern shown is sufficient to tip the argument their way for now. We can try bottom-fishing nonetheless with a 42.44 bid for 400 shares, stop 42.39.  This gambit is based on the 42.42 target of the pattern (on the 15-minute chart) A=47.53,  (Jan 2 at 10:15 a.m. EST); B=43.99 (Jan 8 at 10 a.m); C=45.96. _______ UPDATE (10:55 a.m. EST):  The stock crushed the support on its way to a so-far low of 42.03, making an eventual fall to 36.42 more likely.  Our trading loss on this speculation was minimal — $20 theoretical plus commissions. You can learn how to do this stuff yourself. No kidding. Click here.