My skepticism toward last Monday’s spiky run-up was vindicated when GDX sold off for the remainder of the week. Although punitive, the reversal did no serious technical damage to the intraday charts. However, the failure of buyers to push above a 44.18 ‘external’ peak recorded on August 10 has shifted the burden of proof to bulls. If they cannot mobilize early in the week, look for GDX to continue falling to 39.30, or possibly 37.69 if any lower. Alternatively, the chart pattern could be resolved in bulls’ favor with a two-day close above 43.35. That is a midpoint resistance and it is shown in this chart. It’s tied to a 47.80 target. _______ UPDATE (Aug 25, 8:07 p.m. ET): A three-day, $2.47 plunge looks to have reversed today from a low 29 cents above the 39.30 target above.  You’ll be on your own managing the risk if you bought near the bottom, but it will likely be with the wind at your back because of the well-time entry. _______ UPDATE (Aug 26, 10:14 p.m.): Several traders reported getting in near the low, so I am establishing a tracking position of 400 shares @ 39.70. Use a 40.76 stop-loss today, o-c-o with a closing offer on 200 shares at 42.03. ______ UPDATE (Aug 27, 10:33 p.m.): The tracking position produced a $678 gain on an extremely wild day.  Half was exited in the opening minutes at 42.34, where  GDX opened, and the rest was stopped out for an additional gain of $212.  We held no position at the close, nor do I suggest jumping in again at this time.