here’s a 4 hour chart of GDX showing two objective stop levels for the current short trade: the preferred stop at 52.12 allows for just over a 4 point loss on the trade (8.5% +/-) or a tight stop just above the converging downtrend line & R1 level, around 49 or a 1 pt/2% loss.
the more liberal stop would be for a swing trader targeting one or more of the swing targets based off this weekly chart. T1=39, T2=37 & T3=34.10.
the tight stop around 49 would be more suited for someone only looking for a quick overbought pullback. target on that trade would 43.80. i’ve also market a gap support level (S1) that one might also target for taking partial or even full profits if the trade starts to pan out.
(covering just north of the 46 level).