Gold Miners ETF GDX and Gold (GLD) have been taking it on the chin, but a healthy market should have the pain spread out over time rather than compressed into one short volatile period of time. Gold Miners appear to have put in a downward channel but some of the short term indicators are a little oversold. Don't for one second think this is an endorsement that the wind is back in GDX's sails, it's not, as over the longer term I expect the slide to continue. What I am proposing though is that because of the alignment of the higher lows put in September I think we have a really good site for overhead resistance in place. If you have shorts in GDX they should probably be sold and then re-bought if this proposed move pans out.