Although a bounce up to the 29.60 resistance level is certainly possibly, I suspect this bounce might fall shy & as such, GDX will be added as an official short entry here around the 28.16 level with an objective entry as high as 29.60 and as as low as *26.42 (*only if targeting T2). Suggested stop on a 60-minute close above 30.95.
GDX 4-hour Aug 26th
One could certainly opt to short NUGT (3x bullish gold miners ETF) or go long DUST (3x bearish gold miners ETF) in lieu of a short on GDX. However, to keep things simple & due to the fact that the leverage on DUST & NUGT cause price distortions on the charts, the entry & exit points on a NUGT or DUST trade should be aligned with the entry & exit criteria on GDX. Also make sure to consider adjusting your position size to account for the 3x leverage if opting to trade DUST or NUGT, that is in addition to adjusting your position size down for the above average volatility on the mining stocks in general.