All according to plan and as anticipated could be the case. GDX had been going one way (up) and the stock market the other (down).
So it makes much sense that a stock market getting pumped by very powerful jawbones would rise while the gold miners get clobbered.
GDX has already declined nearly to the first objective, which is the daily EMA 20 and a gap fill there at 47.66.
Next would be 46. After that, if the correction bites hard and lasts longer than a day or two, would be the 42 to 44 range. But if silver continues to stay positive amid this correction, I would not overly expect such a deep decline in the gold miners or much longer than a couple or few days of correction.
