This is in continuation of an earlier post on GDX published here on (24/7/2015). It is possible that the downward trend is complete with a fifth wave failure in wave (v) of 5. However there also exists a bearish possibility that prices are consolidating in a triangle in wave (iv) position and once the triangle is complete, prices may go down one more time to complete wave 5. Caution is required close to the upper of the two trend lines shown below in red.
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