Option Investor
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The gold miners ETF, GDX, has completed what looks like a 5-wave move down from its March 26th high. Today's bounce should be the start of what will be a correction of the decline into Friday's low. A bounce back up to its broken uptrend line from November and its 50-dma near 34.50 would also coincide with a 50% retracement of the decline from the 38.93 high. Assuming it plays out that way it will be an ideal setup for a short play. I expect the bounce to pay out into the end of the month and I'll watch it for the setup.

GDX daily chart:
[Image 1]

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