The Bearish Head-And-Shoulder Top In Miners

Registered CMT, Technical Analyst • Nov 9, 2016 at 2:40 PM EST

We can safely say we have our line in the sand. If prices drop below $23.43, they will likely break beneath the $22.50 neckline and continue to around $20.00 before bouncing.

I think we can safely say we have our line in the sand. If prices drop below $23.43, they will likely break beneath the $22.50 neckline and continue to around $20.00 before bouncing. IF the bounce is unable to retake the $22.50 level (neckline), prices will drop to between $15.00 and $16.00 in early 2017.

(Click on image to enlarge)

gdx-line-in-sand