Truth be told, I am not the only one who sees the huge base pattern and the upside potential off of the Market Vector Gold Miners ETF (GDX) base. So what will differentiate who gets the benefit of the forthcoming upmove that realizes the potential of the pattern? Three things: 1) longs that can hang in there amidst volatility and false starts between 38.20 and 35.00; 2) longs that will hang in there even if the overall equity market has another bout of downside corrective weakness; 3) longs that hang in there even if gold prices lag (or even decline). Am I one of those people that can hang in there? Right now, I hope so because the "reward" could be an enormous upmove in the gold miners from a 9-month base pattern.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.