GDX POTENTIALLY TO SET BULLISH GARTLEY

In the weekly chart the movement of the GDX last month continues to decline out of the sideways channel and the triangle pattern is bearish. Although there is a rebound after touching the support at 18.55, bearish pressure is clear as long as the index value is still moving in the formed downtrend channel, or the index value is unable to move up above 22.93 as the previous swing high. A downtred push has the potential to set Bullish Gartley pattern if the GDX value touches to the next support in the 16.62 area, meaning if the pattern has been fulfilled then the last point of the pattern has the potential to be a reversal zone, a failed pattern is formed if the price turns up and exceeds 25.71.