It looks like it is making a serious attempt at holding the .786 retrace level. This is often called a crown pattern. This is a common place to stop when something makes a higher low type bottom. There was a lot of volume on the rally and so far much lower volume on this move down. Here is the weekly chart.
We have red price bars so the short term movement is down. There was a pretty decent looking high volume reversal candle at the May low. There is some potential to make a bottom here, but it may still break down and test the May low again. With both daily and weekly bars red GDX would need to show some clear upside momentum before going long. However, this is an area to watch in case it does not do a full retest. GDXJ is making a similar pattern if you prefer the junior minors ETF. If miners are going to bottom here they should both do it.
Bob
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