GDX update

While the chart did fall a little bit below the lower rail shown in this prior GDX post, it continued crawling upward at the right angle and that is short term bullish.  The action on Monday is going to tell us whether this is going to fall back and do some kind of double bottom (blue path) or whether it is going to move up rapidly to a higher high than $20.40 to peak somewhere in the 21.60-22.15 range (red path).  I cannot say that I know which it will be but given the fact that the broader markets might well gap down Monday AM (perhaps attributed to Ferguson grand jury issues), I thought my best odds play would be to hang out in TVIX over the weekend.

At some point I do expect to see decoupling between GLD and the broader markets but I don't see data yet that supports it having happened.