My near-term pattern and momentum work in the Market Vectors Gold Miners ETF (AMEX: GDX) suggests strongly that the gold miners ETF has some unfinished business on the upside prior to the completion of the upleg off of the 10/24 low at 15.83. At this juncture, I am expecting a pop to the upside out of the 3-day sideways congestion area into new recovery high ground, which projects into the 23.50-24.50 target zone, after which I will be looking for a significant pullback to set up a much more potent buying opportunity.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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