It very well could be months before GDX sees 30.95 again, especially if that potential H&S on the daily continues to develop. H&S patterns with downward sloping necklines, such as the one on that (still potential) pattern are more bearish than horizontal or upwards sloping NL’s. Not sure what a ‘burrito’ bet is but sounds good. In fact, I’m going to go grab lunch right now.

As a crowded trade, if gold is a train, then it runs a high risk of being derailed as all crowded trades end up once too many passengers have piled on board:

If this is just a B wave up in an ABC or some other type of deeper correction yet to come in the miners, I would think that GDX shouldn’t go much above the R3 zone that I covered on the 60-minute chart in the video (29ish-29.40ish level). A stop slightly above that level seems the most objective place for a potential short trade on GDX or NUGT that could last for several weeks or even months.
I’ve also marked up the charts of the top components on GDX & nearly all look to have significant resistance around 3-4% above current levels (most closer to the 3% mark). I like to closely watch the top components of GDX in order to align my entry & exit levels when trading the miners.
GLD next R is 128.57ish then 129.30.
EUR/USD is trading at the 1.12480ish R level now with downtrend line R somewhat above if this R level happens to be taken out.
As far as whether to hold, fold or add to your GDX trade, that all depends on your average cost as well as where you think it might be headed if there is more downside to coming once this rally ends. I have room to add but I’m not doing so right now since the miners put in that recent 60-minute bullish divergent low & so far, the recent rally isn’t showing the slightly signs of slowing down. However, that can change on a dime & I suspect that today, despite the fact it appears that way, will not prove to be a trend day (i.e- a day where prices move higher throughout the day, closing near the highs) as I have GDX at my R2 (60-minute chart) level now with the EUR/USD at resistance & think that we could likely get a reversal from current levels. However, until & unless I see some pretty solid evidence that this rally may have run its course, such as some type of reversal stick or pattern on the intraday charts, I’m just going to sit tight & watch.