On April 9, we posted a chart pointing out a potential bear flag formation in the Market Vectors Gold Miners ETF, $GDX: http://stocktwits.com/message/21877528. The question of whether it was a bear flag was answered today, in the affirmative.

How much further will it fall? The pattern would suggest about another 6% but who knows. It could be simply a retest of the March low which bounced at the 61.8% retracement level of the early-2014 rally. Either way, put this one in the books as a “Yep”.