Gold Miners/GDX Follow Up

Yesterday we looked at Gold miners, specifically GDX.

The first paragraph of yesterday's update went like this

GDX-Gold Miners, is interesting. I'm not a big believer in "V" shaped reversals and the fact of the matter tends to be, "The larger the base, the greater the move it can support", so in light of GDX's price position, I personally would prefer to see a larger base form before considering GDX as anything more than a VERY speculative long.


And today...

 More of a "U" shaped base rather than a move up yesterday which would have been a "V" shape.

GDX also broke below recent support on positive divergence and today is forming a bullish reversal daily candle on increased volume, something we've noticed in the past to be a pretty effective combination.


I probably wouldn't mind looking at a speculative position long in GDX right now, the charts yesterday looked pretty good. I'll post this so you can consider it and get some more charts together.