The chart below shows that the GDX is coming down to retest its recent breakout above 56.74, which was the high in 2008. Note that prior failed breakouts of GDX have BROUGHT DOWN GOLD (GLD) consistently. (Read my other posts on this over the past couple of weeks on my website blog and feed pages.)
The chart below explains the situation:
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You can review the downside targets for various indices here:Market Timing Blog at SunAndStormInvesting.com