Friday, GDX broke the rising parabolic support line and closed the day out beneath it. The speculated MACD crossover coming should be the next bear signal to issue.
If the gold miners are rolling over here, the first area of support would be around $17. I can see them easily doing a much deeper pullback if a D-decline in gold is about to get underway.
Virtually nobody out there is forecasting a deep pullback in gold and gold stocks. A perfect setting to do just that.
Those who follow the Aden Sisters and their proprietary A-B-C-D cycle understand the implications of deep D-declines.
A deep D-decline could undoubtedly test the lower rising fork support line, down in the $14's.
note is from 3eye or Bob
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