No Bottom in Sight Yet for the GDX

I have little doubt that the current downleg in the Market Vectors Gold Miners ETF (GDX) from the June 3 high at 30.58 to today's low at 22.40 is the final decline within the entire bear phase off of both the Sept 21, 2012 and the Sept 9, 20 11 highs.

So, the question is how this downleg will end?

In a continuation of vertical decent in a classic capitulation "crash" that presses the GDX directly to a full-fledged retest of the Oct. 2008 lows?

Or, alternatively, by holding and reversing from a key measured move downside-target zone at 21.80-21.00?

At this point we don’t know.

The only thing that I think I know is that the next technical signal that indicates a low has been established should be the bear-market low for the miners.

A reversal from any price beneath 21.80 will be viewed as the next major buying opportunity in the beleaguered, despised, and under-owned precious metals miners.