4:20 PM. GDX is still in this channel on the shorter time frame, and still inside the wedge on the daily time frame. Some traders also see a possible inverse head and shoulders pattern forming with the right shoulder complete. If GDX closes above 23.00, it has a shot to the top of the channel and then a possible breakout. If it breaks down from this channel, GDX could go down to 20. With the dollar looking bullish for the next several weeks, it is possible GDX could break down along with the Euro and treasuries. This would propel the Dow higher to complete major wave 3.