Looking at GDX chart (daily)
you can see the next wave structures setting up already.
Don't even need any fancy tools to add on. Just see the 200 ma and especially the 50 ma at 21.80 area.
See the mid October pivot low (around 22.50 area)
That will be the next 'left shoulder ' zone in the next reverse head and shoulder , IF that would happen.
See how price would flow from now to the next development. It might rally to target the 200 ma. then begin the pullback . to target the 50 moving average. the chart looks like the 50 moving average will Have to become the critical line in the sand. as the 22 area will be the potential left shoulder... the 50 moving average is the gate or dam that holds back the flood of selling pressure, ...but will the 50 ma Hold when the time comes. ??
I expect to see the 50 get hit and tested.
IF the 50 ma Fails and price falls lower. This would be the signal for the next collapse down wave to begin, as soon as the price bounces back to touch the 50 again, that's called a 'kiss of death' almost every chart shows this price action as part of big wave reversals and downwaves that follow.
This time, it would mean GDX goes down to the bottom again and maaybe makes new lower lows for 2014 and completes a 5 wave down structure that started in 2011.
Whatever rally is happening now, that's fine. a small rally, likey its the first part of a 3 wave (ABC) rally, 24 now, 27 in the next rally wave.... or ....maybe 24 is all we get now, and the key could be (theres no guarantee) could be whatever happens to GDX IF it hits the 50 ma , bounces, and holds support there. or if it Falls down below the 50, and bounces back to touch it and then , with stronger selling force jumping in, collapses way down to bottom zone..... that becomes a wave change in-progress, the beginning , or continuation/confirmation of the next down wave to lower lows, maybe GDX 18 or 17 area.
something to watch for , when price gets near the 50 ma. simple enough to watch .
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