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Gold miners ETF (GDX) failed to break above resistance on its 4th try a few weeks ago at (1), and then it was met by a large degree of selling pressure.

After hitting this resistance, sellers stepped in and drove it down nearly 50% in just a few weeks.

The decline took GDX down to line (2), which has been an inflection point for a few highs/ lows over the past 12-years at (3).

GDX has spent the majority of the past 9-years trading between line (1) and (2), as GDX is testing the bottom of its trading range this week at (3).

Potential nice entry point around the $16 level. Keep this in mind from a risk management perspective, If this support level fails to hold, GDX could retest the $13 level (2015 lows) in short order.