I am looking for at the least a relief rally up to the 18 day moving average. I just need to see a little life in the miners. That being said on Thursday I did enter a small position in CDE which I trade as a proxy for silver and not as a "gold mining stock". Also I am holding CDE for more than a single session which is something a rarely do. I like silver BUT gold and the miners thus far are pointing to a deflationary event. The recent action in gdx looks like a huge Head and Shoulder pattern on the verge of a breakdown.

Could be a traders delight and an investors nightmare, if the volatility picks up. Caution is warranted.

For me the LOW in GDX of $31.22 on JUNE 5th of last year is the absolute "line in the sand" from what I see. Below that level for more than a day and no longer is this a "consolidation phase" but rather the return of the BEAR.

Just my thoughts.